Absa paid Daniel Mminele R30.47m in hasty ‘no fault’ exit settlement
Details of former CEO’s exit payment are contained in the lender’s 2021 integrated report
08 April 2022 - 09:20
UPDATED 10 April 2022 - 12:02
Absa’s first black CEO Daniel Mminele, who stepped down in April 2021 over differences with the board, was paid R30.47m in a “no-fault” termination agreement with the bank.
Mminele’s sudden exit, which came less than 16 months into his role as CEO, was due to unresolved differences between him and the Absa board about the bank’s strategic direction...
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