Daniel Mminele, the first black executive to lead Absa, will exit his role as CEO at the end of April, roughly 16 months into the role, due to differences with executives over the strategic direction of the country’s third-biggest banking group by assets.

Confirming an earlier Business Day article, Absa said in a statement on Tuesday that the group had reached an agreement with Mminele that would see him step down as a director and group CEO with effect from April 30...

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