Absa former CEO Daniel Mminele receives 30 million Golden handshake

Absa’s former CEO Daniel Mminele paid R30.47 million in total as part of a termination agreement. The money also includes 500 000 for his legal fees. According to the banking group remuneration report, there was a mutual separation agreement between the board and Mminele. 

The former baking group CEO walk away from the bank after he had a different point of view from the board on how to implement the bank’s strategy. What broke the camel’s back was Absa chairperson Wendy Lucas-Bull who said the board didn’t see eye to eye with Mminele. 

Absa moreover paid Mminele R4.5 million for the six-month notice period he was supposed to have served – but didn’t. In addition, he was also paid R750 000 for accumulated leave he had not taken. Furthermore, Absa contributed R466 000 to his legal costs.

“The total value of the separation payment was R30.47 million,” Absa says.

Absa paid R94.85 million to all its group executives in 2021.  

Jason Quinn, who took the position of interim CEO when Mminele left until Rautenbach’s appointment at the end of March, earned just over R35.5 million. Of that amount, R6 million was his fixed remuneration, and the rest was made up of short- and long-term incentives.

Punki Modise, who served as the group’s interim financial director in 2021, earned R23.2 million. 

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