ANALYSIS | Daniel Mminele's sudden departure is about more than Absa losing its first black CEO

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Outgoing Absa CEO Daniel Mminele.
Outgoing Absa CEO Daniel Mminele.
Elvira Wood

Daniel Mminele's abrupt exit from Absa has brought back memories of many other unceremonious splits caused by a tussle for control between companies' boards and executives.

Corporate SA is not short of boardroom squabbles that left unexpected leadership vacuums, and some of these dragged everyone involved to the mud. Alexander Forbes, for instance, is still in the process of rebuilding, three years after the public spat with its former CEO Andrew Darfoor.

Old Mutual's protracted legal battle with Peter Moyo in 2019 opened a door for competition to steal its market share while its board and leadership were distracted. These were hostile separations. One analyst said luckily, in Absa's case, it seems that Mminele wants to leave quietly. So, we are unlikely to see a repeat of what we saw at Old Mutual or Alexander Forbes.

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