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Daniel Mminele Steps Down as Absa Group Chief Executive

Absa Group has announced the resignation of the Group Chief Executive Daniel Mminele.

In a statement issued by the group, Absa said they had reached an agreement with Daniel Mminele to step down as a director and Group Chief Executive and will be leaving the group with effect from 30 April 2021.

Daniel Mminele joined the Group as Group Chief Executive on 15 January 2020. He led the Group through the COVID-19 crisis, which saw many businesses close down due to the economic constrain brought about by the onset of the pandemic.

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.

The group has expressed their regret in having to let Daniel Mminele go saying they were very excited about his appointment last year and the role he was going to play at ABSA.

“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

The group has expressed their gratitude to Daniel Mminele for his service, leadership, and contribution in a time of great challenge for the Group and society, more generally during the pandemic.

“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 Daniel Mminele.

The Board has appointed Jason Quinn, Absa Group Financial Director, as the Interim Group Chief Executive with effect from 20 April.

Read also: Absa Bank Kenya Posts Normalised Net Profit of Kes 6.5 Billion for Full Year 2020