Absa had to choose between CEO and restive executives
Bank feared a loss of talent if Daniel Mminele stayed
Disagreements between outgoing Absa CEO Daniel Mminele and some senior executives over the implementation of its strategy became so serious that the board feared an increasing risk of a “loss of talent”, group chair Wendy Lucas-Bull said.
Mminele, who was appointed in January 2020, reached an agreement with Absa that would see him step down as a director and group CEO with effect from April 30, the lender confirmed on Tuesday. The separation, the confirmation of which saw Absa’s shares drop the most in seven weeks on an intraday basis, was caused by “divergent professional views and approaches” related to its strategy and “culture transformation journey”, the bank said...