Economy

Absa forces out first Black CEO

Date: Apr 21, 2021

Outgoing Absa Chief Executive Officer, Daniel Mminele, was forced out of his position after he disagreed with the board, Chairperson Wendy Lucas-Bull in particular.

Business Report reveals that Mminele was not given an option but had to leave over the differences on the strategic direction that he wanted the bank to take.

Insiders claim that Mminele and Lucas-Bull clashed over the strategy that was already there when he joined in January last year.

One claimed that the former South African Reserve Bank Deputy Governor wanted to adopt a more cautious and phased approach, given the impact of Covid-19 on its bottom line.

He is also said to have preferred the consolidation of the bank’s market share in South Africa after it took a hit following a five-year dalliance with Barclays. “It was only a matter of time before Mminele left,” another said. “He was never given a free rein to lead the bank’s strategy.”

Last week, Business Report reported on the escalating tensions between Mminele and Lucas-Bull.

In a meeting that dragged for hours on Monday, Mminele was allegedly told that the differences had become so huge that he had to leave.

--IOL--

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