THE South African United Business Confederation (SAUBC) has lambasted Absa Group for sacking chief executive officer Daniel Mminele following differences with the board over strategy and culture, just 15 months after he became the bank’s first black CEO.
This comes after the announcement on Tuesday that Mminele will be stepping down as CEO of Absa Group and Absa Bank at the end of April 30, 2021.
The banking group said the departure was a result of conflicting views when it came to transformation and strategic vision of Absa.
However, sources within the bank said Absa Group’s chairman, Wendy Lucas-Bull, regularly interfered with the work of Mminele, and micromanaged him, in total disregard of corporate governance and the separation of the roles between the board, its chairman of the board and senior executives.
SAUBC president George Sebulela said the black business group seeks an urgent meeting with the National Treasury, South
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