Former Absa CEO Daniel Mminele heads to Nedbank
Former Absa chief executive officer Daniel Mminele has been appointed as an independent non-executive director and chairman-designate at Nedbank.
Mminele will be taking over the role from Mpho Makwana, who is currently serving as chairman of the board at the embattled power utility, Eskom.
Mminele’s appointment comes just a week after he stepped down as the lead of President Cyril Ramaphosa’s climate financing task team.
Mminele’s appointment as an independent non-executive director of the group will be effective from 1 May 2023. He will be elected as chairperson immediately following the conclusion of the Nedbank Group annual general meeting (AGM) scheduled to be held on 2 June 2023.
According to Nedbank, Mminele will be contributing his significant banking and financial services experience.
He is the outgoing Chair of Alexander Forbes Group Holdings Ltd and Alexander Forbes Investments Ltd, having tendered his resignation with effect from 30 April 2023, a former Chief Executive of Absa Group and Absa Bank Limited, and served two 5-year terms as Deputy Governor of the South African Reserve Bank (SARB).
Before joining the SARB in September 1999, he worked for African Merchant Bank and Commerzbank in South Africa, and WestLB in the UK and Germany for 12 years.
“Nedbank Group and the board are pleased to announce Daniel’s appointment and the group will benefit from his vast expertise and experience in banking and financial services, including climate finance through serving as the head of the Presidential Climate Finance Task Team,” the group said.
Mminele resigned as Absa’s CEO in 2021 after failing to “align” on the direction of the company.
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