Absa appoints Punki Modise as interim CFO

Absa has appointed Punki Modise as interim CFO in the same week it parted ways with CEO Daniel Mminele.

Jason Quinn who previously held the position has replaced Mminele on an interim basis.

Following her appointment Modise becomes an executive director on Absa’s board, the group said on Friday.

“Punki is a highly skilled banking and financial management leader with years of experience at Absa and across the financial services sector,” Absa said.

Modise joined the group in 2008 and “has played an instrumental role in leading Absa through its key strategic journeys”, it said.

“Having worked closely with Punki over many years, I have first-hand experience of her outstanding strategic management skills, trademark enthusiasm and efficiency. I look forward to the positive contribution she will make,” said Quinn.

Mminele, who was appointed in January 2020, reached an agreement with Absa that will 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.

“What we saw was an increased risk of delivery in terms of the business units and increased risk of loss of talent and we had to make a call that was in the best interests of the business,” group chair Wendy Lucas-Bull told Business Day in an interview.

Absa’s shares were unchanged on Friday at R123.50, but it fell about 3.4% during the week.

With Garth Theunissen and Warren Thompson

lindera@businesslive.co.za