5 Reasons Daniel Mminele was Fired as Absa’s CEO According to the Board’s Chairperson

Speaking to Bruce Whitfield on The Money Show on Talk Radio 702 about the partying of Absa’s CEO Daniel Mminele.

The 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”.

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

Here is Wendy Lucas-Bull, Chairperson – Absa Group’s take of the dismissal of the the group’s CEO

  1. “The board is very sad and we really regret having to be in the position that we’re in.”

2. “It was a very long courtship, so we were very excited and energised when Daniel joined.”

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

3. “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.”

Absa chair Lucas-Bull joins Shoprite board as chair designate - Moneyweb
Wendy Lucas-Bull

4. “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.”

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

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.

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

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