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Absa to lose first black CEO Daniel Mminele

Banking group Absa’s CEO is set to step down from his position after just 16 months in the position. Picture: Itumeleng English, African News Agency (ANA).

Banking group Absa’s CEO is set to step down from his position after just 16 months in the position. Picture: Itumeleng English, African News Agency (ANA).

Published Apr 20, 2021

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Banking group Absa’s chief executive is set to step down after just 16 months in the position. The bank has not confirmed the news.

On Tuesday, BDLive reported that Mminele was leaving due to differences with executives over the strategic direction of the country’s third-biggest banking group by assets.

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According to the publication, people who were familiar with the matter said: “Mminele and Absa had agreed to part ways due to differences with some members of his executive team over changes to the bank’s strategy, which was largely in place when he joined.

“Subsequent discussions with the board failed to resolve the issues leading to the eventual decision to part ways, the people said.”

Attempts to reach Absa for comment were unsuccessful.

Last week, the Business Report revealed that current Absa board chairperson, Wendy-Lucas Bull, had a fallout with current chief executive and former SA Reserve Bank deputy governor Mminele.

This is a developing story.

BUSINESS REPORT ONLINE

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economic growth

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