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Differences of opinion over bank strategy are said to be at the heart of the disagreement.
Daniel Mminele, formally a deputy governor of the South African Reserve Bank, will be the second banking CEO to leave his role in unhappy circumstances in the space of a few months.
This morning (Tuesday, 20 April 2021) Absa confirmed that “Mr Mminele and the Board are working on a suitable separation arrangement”. Further details are to be announced.
Mminele took over in January 2020 from René van Wyk, who led the bank on an interim basis after Maria Ramos retired in February 2019.
At the end of January, African Bank announced the resignation of its CEO, Basani Maluleke, saying she will be pursuing other career opportunities. However, speculation that she was pushed has never been put to bed.
How fast things change. On 1 April, Absa’s CEO was granted 117,702 Absa shares worth an estimated R14,999,942.88. The shares are only awarded – in equal tranches – on the third, fourth and fifth anniversary of the date on which they were granted.
Receiving the shares is subject to the achievement of performance targets, and importantly, continued employment, and forms part of Absa’s long-term…
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