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(Bloomberg) -- Anyone looking at Absa Group Ltd.’s 2021 earnings statement alone would have no inkling the South African lender had such a tumultuous year in the boardroom.
Bank appoints Deon Raju as chief risk officer, but other leadership roles require permanent appointments
Daniel Mminele, Absa Group’s first black CEO, resigned last week. According to Bloomberg, Mminele left the company following a ‘dispute’ over strategy. This has left the Absa’s future hanging in the air, as the third event to plague the bank in recent months, with deputy CEO Peter Matlare passing away earlier this year from Covid-19 complications. More recently, the bank was in the spotlight for pulling off a controversial move; closing their Money Market, sparking surprise from many in the banking and investment community. Bloomberg reports that the company is now facing a dilemma ...
Absa forces out first black CEO By Sechaba Nkosi Share Outgoing Absa chief executive Daniel Mminele was forced out of his position after he disagreed with the board, chairperson Wendy Lucas-Bull in particular. Business Report can today reveal that Mminele was not given an option but had to leave over the differences on the strategic direction that he wanted the bank to take. Insiders claim that Mminele and Lucas-Bull clashed over the strategy that was already there when he joined in January last year. One claimed that the former SA Reserve Bank deputy governor wanted to adopt a more cautious ...
MONEYWEB app instead? And why did he announce a ‘refreshed’ strategy just a month ago? By Moneyweb 21 Apr 2021 00:01 Open: The manner in which Absa Group chief executive Daniel Mminele resigned on Tuesday shocked the market. On Friday, Business Report hinted at a disagreement between the former CEO and the board. âHeated talksâ last week failed to result in any agreement. Then on Tuesday morning, Business Live all but confirmed Mmineleâs departure. INSIDERGOLD Subscribe for full access to all our share and unit trust data tools, our award-winning articles, and suppo...