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Absa chair says 'clashes' led to sudden departure of bank's first black CEO

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Analysts have reacted with shock and disappointment at the news that Absa Group CEO Daniel Mminele is leaving the bank just 15 months into his role.
Photo: Supplied
Analysts have reacted with shock and disappointment at the news that Absa Group CEO Daniel Mminele is leaving the bank just 15 months into his role. Photo: Supplied

Deciding to part ways with the bank's first black CEO wasn't taken lightly, and it has nothing to with Absa being conservative or refusing to transform, says Wendy Bull-Lucas.

The Absa Group chairperson spent the whole day on Tuesday trying to put out the fires caused by the bank's announcement that Daniel Mminele had clashed with the board to the extent that he was leaving at the end of April. Investors, staff, and the public wanted to know the story behind the story, because Mminele had the shortest tenure of any group CEO that Absa has had.  

Nallie Bosman, Steve Booysen and Maria Ramos all left when they went on retirement. After the short media statement that Absa put out in which Lucas-Bull cited misalignment between the board and Mminele on strategy and culture, she had to diffuse any perceptions that Mminele might have left because Absa was too conservative or wasn't ready for a black CEO.

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