Race not an issue in CEO’s departure, Absa insists

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Race not an issue in CEO’s departure, Absa insists

Board chair Wendy Lucas-Bull says first black CEO Daniel Mminele left over strategy issues

Columnist

Absa chair Wendy Lucas-Bull has defended the banking group against perceptions that its first black CEO, Daniel Mminele, was forced out as a result of clashes with white executives.

She reiterated on Sunday that his departure was a result of differences about the group’s future strategy, and was not due to any lack of commitment to transformation.

Absa, SA’s third-largest banking group, shocked the market on Tuesday when it announced it had reached an agreement with Mminele that he would step down on April 30, because “the parties have not managed to achieve alignment in relation to the group’s strategy and culture transformation journey”...

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