Absa’s CEO Exit Creates More Than Just One Headache for Lender
- Former CEO Mminele resigned after clashes with other managers
- Lender pushing ahead with strategic overhaul started in 2018
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Absa Group Ltd.’s parting of ways with Chief Executive Officer Daniel Mminele following a boardroom bust up leaves the future of South Africa’s third-largest bank up in the air.
Chairman Wendy Lucas-Bull has said the board must move quickly to bring about stability, but the to-do list for interim head Jason Quinn and whoever fills the role permanently is lengthy. The company is about three years into a new era as a freshly independent group following a split from former U.K. parent Barclays Plc, and signs of a new direction are just starting to form.