Banking group Absa seems set to lose its highly regarded CEO Daniel Mminele just 15 months into his tenure, with speculation in the market that chair Wendy Lucas Bull and the board are unhappy with changes he wants to make at the bank and could look to part ways with him as early as Wednesday.
It’s understood this follows heated talks last week which failed to yield agreement — and were alluded to in a report in Business Report on Friday.
Absa spokesperson Songezo Zibi on Monday evening said “we cannot comment on speculation. Material developments are communicated through SENS”. Neither Lucas Bull nor Mminele could be reached on Monday evening.
The departure of Mminele would follow that of another bank CEO, Basani Maluleke, who left African Bank unexpectedly earlier this year just as that bank was starting to turn around, also after what appeared to be a conflict over strategy with African Bank’s chair and board.
The fallout between Absa’s board and Mminele comes just two years after former Absa CEO Maria Ramos unexpectedly retired from the bank, amid speculation of a fallout with Lucas Bull. The board then installed one of its own members, Rene van Wyk, as interim CEO, before appointing Mminele, who took over as CEO in January 2020, becoming the first black person to lead the bank.
Mminele is a former deputy governor of the Reserve Bank, who retired after 20 years at the Bank, overseeing SA’s financial markets and representing it in international forums.