Jason Quinn steps in as interim Absa CEO

The Absa board has appointed Jason Quinn, group financial director, as the interim group chief executive officer (CEO) from 20 April.

This after the bank announced on Tuesday morning that CEO Daniel Mminele was stepping down as a director and group CEO on 30 April 2021, after he failed to see eye to eye with the board on the group’s strategy and culture transformation.

Mminele joined the group as CEO on 15 January last year.

He led the group through the Covid-19 crisis and its response to the pandemic, such as a comprehensive customer and client relief package, as well as support and relief to public health authorities and communities across all its African markets.

This was while delivering a resilient and respectable financial performance under difficult conditions, Wendy Lucas-Bull, Absa Group chairperson, said.

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“The board was very excited about Mminele’s appointment and the positive role he was going to play at Absa. We reached this position where the Absa CEO steps down with considerable regret, but the parting of ways merely reflects divergent professional views and approaches on a ‘no fault’ basis. This was a very difficult decision that was not reached lightly,” she said.

According to Lucas-Bull, Mminele and Absa agreed that their interests were best served by parting, with an appropriate separation arrangement.

“I would like to thank Daniel for his service, leadership and contribution he made in a time of great challenge for the group and society, more generally during the pandemic. We wish him all the best in his future endeavours.”

She said it was regrettable Absa had to part ways with Mminele so soon on their journey.

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Mminele said it was important for the CEO 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,” he said.