Former Absa CEO and erstwhile deputy governor of the SA Reserve Bank Daniel Mminele has been appointed as chair of Alexander Forbes.
Mminele was also named as a member of Alexander Forbes’ nominations and remuneration committees of the company with effect from 1 January 2022.
Outgoing chair Marilyn Ramplin, who served in the position since January 2020, was leaving to focus on her own business.
"We are pleased and excited to welcome an individual of Daniel’s gravitas to our board and consider his appointment as an affirmation of the high quality of leadership and governance that we hold ourselves to," Alexander Forbes CEO Dawie de Villiers said in a statement.
"We believe that his experience, insight and guidance will greatly benefit our business as we seek to amplify the impact that Alexander Forbes has on people’s lives."
Mminele said he was excited to be leading the board "at a critical stage of the organisation’s journey as it continues to evolve towards becoming the premier financial advisory firm".
"I look forward to working with the board and executive team to drive the execution of the strategy to accelerate growth and unlock the immense potential of Alexander Forbes for the benefit of all stakeholders, and to add value to people’s lives into the future."
Mminele left Absa in April after less than a year and a half after 'clashes' with other executives over the direction of the bank. He told Fin24 before his resignation that he thought that after his time at the Reserve Bank, making a comeback by leading an organisation that was busy reinventing itself was the kind of challenge he was up to.
Absa chair Wendy Lucas-Bull said during an interview with Fin24 in April that "misalignment" between Mminele and the board had been going on for a while, and he did not have the support of Absa's business heads.
Mminele was brought into Absa to execute an existing strategy, the "Africanacity" blueprint that former CEO Maria Ramos finalised before retiring from the bank. The strategy centred around building a pan-African bank and regaining lost market share in South Africa.