Africa-Press – Tanzania. THE Absa Group board and Group Chief Executive, Mr Daniel Mminele has stepped down from his post as a Director and Group Chief Executive in the bank.
According to the statement released by the bank yesterday, based in South Africa, Mr Mminele’s will be leaving the group with effect from April 30, this year.
“The parties have not managed to achieve alignment in relation to the group’s strategy and the culture transformation journey,” Absa Group Chairman, Wendy Lucas- Bull said in a statement.
It added that the Board has appointed Jason Quinn, Absa Group Financial Director, as the Interim Group Chief Executive with effect from 20 April.
Mr Mminele joined the Group as Group Chief Executive on 15 January 2020 and led the Group through the Covid-19 crisis and its response thereto.
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 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,” reads the statement.
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, Mr Lucas-Bull. “Daniel and Absa have agreed that their interests are best served by the parting, with inappropriate separation arrangement.
I would like to thank Daniel for his service, leadership and the contribution he made in a time of great challenge for the Group and society more generally during the pandemic,” he added.
