Absa confirms CEO Daniel Mminele to step down

Just 15 months after joining Absa as CEO, Daniel Mminele could be stepping down from his job, according to a report in BusinessLIVE.

Absa, in response to press speculation, has now advised shareholders that its various boards and Mminele, “have been engaged in various discussions surrounding his working relationship with the boards” have been “working on a suitable separation arrangement and a further announcement will be published shortly after midday”.

Mminele, a former South African Reserve Bank deputy governor, joined Absa after an extensive search, when then CEO Maria Ramos left at the end of February 2019.

Absa’s head of media relations, Phumza Macanda, is quoted as saying that the bank does not comment on speculation.

News of Mminele’s possible departure comes weeks after the death of former deputy CEO Peter Matlare.

This is a developing story.

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