Absa Bank CEO Daniel Mminele will leave the lender on April 30, 2021, 15 months after he was appointed to head the rebranded bank.
Mminele resignations follows a disagreement with the board over “divergent professional views and approaches” that have made his service untenable.
“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,” said Absa Group Chairman, Wendy Lucas-Bull.
“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.”
On his side, Mminele admitted that working for the lender was becoming difficult due to the differences.
“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 Mr Mminele.
Jason Quinn, Absa Group Financial Director, has been appointed as the Interim Group Chief Executive with effect from 20 April.