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Daniel Mminele to step down as Absa CEO after just 15 months

20 April 2021 6:51 PM
Tags:
Banking
The Money Show
Reserve bank
Bruce Whitfield
Daniel Mminele
Absa
Wendy Lucas-Bull
Jason Quinn
Kokkie Kooyman
absa ceo
Absa board

Bruce Whitfield grills the Absa chair on how the board got CEO appt. so wrong - Mminele 'not aligned' with them on strategy.

Daniel Mminele is stepping down as Absa Group CEO on 30 April.

Group Financial Director Jason Quinn will take over as interim CEO.

Absa CEO Daniel Mminele. Picture: Absa

Mminele stepped into the hot seat on 15 January 2020, leading the Absa Group through the Covid-19 crisis.

The former South African Reserve Bank deputy governor was its first black CEO.

RELATED: Daniel Mminele - the first black chief executive for Absa

"The parties have not managed to achieve alignment in relation to the group’s strategy and the culture transformation journey" reads Absa's statement.

Absa Group Chair Wendy Lucas-Bull said the parting of ways "merely reflects divergent professional views and approaches, and is on a 'no fault' basis".

Bruce Whitfield grills the chairperson on what went so badly wrong with the board's decision making with this appointment.

The board is very sad and we really regret having to be in the position that we're in.

Wendy Lucas-Bull, Chairperson - Absa Group

As you said, it was a very long courtship, so we were very excited and energised when Daniel joined.

Wendy Lucas-Bull, Chairperson - Absa Group

Lucas-Bull expands on what Absa means by "a divergence of views" on strategy.

Strategy is not just the overall direction... in terms of aspiration. It's more around how do you implement that strategy and how do you adjust that strategy.

Wendy Lucas-Bull, Chairperson - Absa Group

That includes the required pieces around what is the operating model; what does the exco structure look like... How do you implement individual changes to streams of strategy in a way that maintains alignment both between the CEO and the board, and in terms of getting the alignment in the organisation.

Wendy Lucas-Bull, Chairperson - Absa Group

Our concern was ongoing uncertainty at the level particularly of operating models and priorities in terms of the organisation, where we had the differences.

Wendy Lucas-Bull, Chairperson - Absa Group

The Reserve Bank is a fundamentally different institution to the one into which Daniel Mminele was parachuted, notes Whitfield.

How realistic were the expectations the board had of a formal central banker coming into Absa?

We are going to be doing quite a bit of introspection on lessons learned here. I think one of them will be the extent of difference between the environment that we are in and the one Daniel was used to over a long successful period of 20 years.

Wendy Lucas-Bull, Chairperson - Absa Group

They are very different in scope and they're very different in size. Absolutely, that will be one of the reflections we'll take out of it.

Wendy Lucas-Bull, Chairperson - Absa Group

Bruce Whitfield also briefly discusses Mminele's early departure with Kokkie Kooyman, Portfolio Manager at Denker Capital.

Banking is critical to the country and Absa's one of the largest banks... It does seem as if the board got this one wrong... Mminele was parachuted into a team that were already gelling well and had already devised a strategy...

Kokkie Kooyman, Portfolio Manager - Denker Capital

Listen to the discussion on The Money Show:


This article first appeared on CapeTalk : Daniel Mminele to step down as Absa CEO after just 15 months




20 April 2021 6:51 PM
Tags:
Banking
The Money Show
Reserve bank
Bruce Whitfield
Daniel Mminele
Absa
Wendy Lucas-Bull
Jason Quinn
Kokkie Kooyman
absa ceo
Absa board

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