Absa explains sudden departure of chief executive Daniel Mminele

Financial services group Absa says that its board has appointed Jason Quinn, the group financial director, as the interim group chief executive with immediate effect, following the resignation of Daniel Mminele.

“The Absa Group board and the group chief executive, Daniel Mminele have come to an agreement pursuant to which he has stepped down as a director and group chief executive and will be leaving the group with effect from 30 April 2021.

“The parties have not managed to achieve alignment in relation to the group’s strategy and the culture transformation journey,” the bank said in a statement on Tuesday (20 April).

Mminele is leaving the position 15 months into the role, having been appointed by the bank in January 2020, following the retirement of Maria Ramos in 2019.

Before joining Absa, he was at the South African Reserve Bank as deputy governor.

Absa noted that Mminele led the group through the Covid-19 crisis and its response.

“Last year, Absa delivered a comprehensive customer and client relief package, and provided support and relief to public health authorities and communities respectively across all its African markets, while delivering a resilient and respectable financial performance under difficult conditions,” it said.

“The board was very excited about Daniel’s appointment and the positive role he was going to play at Absa. It is a matter of considerable regret that we reached this position. The parting of ways merely reflects divergent professional views and approaches, and is on a ‘no fault’ basis.

“The board has conveyed to Mr Mminele its continued high regard for his competence and integrity. The parties believe that this course is in the best interests of the company and Mr Mminele. This was a very difficult decision that was not reached lightly,” said Absa Group chairman, Wendy Lucas-Bull.

“Daniel and Absa have agreed that their interests are best served by this parting, with an appropriate separation arrangement. I would like to thank Daniel for his service, leadership and the contribution he made in a time of great challenge for the Group and society more generally during the pandemic. We wish him all the best in his future endeavours,” she said.

“It is indeed regrettable that we should have had to part ways so soon on our journey. It is, however, important for the chief executive to be in complete alignment with the board on critical issues such as strategy and culture. I became enamoured of the brave, passionate and ready people of Absa and wish the group well for the future,” said Mminele.

Shares in Absa declined 4% in afternoon trade on the JSE.


Read: Absa chief executive Daniel Mminele to step down

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Absa explains sudden departure of chief executive Daniel Mminele