Former Absa CEO becomes Nedbank chairman

Nedbank announced that former Absa CEO Daniel Mminele will join Nedbank Group and Nedbank Limited as an independent non-executive director and chairperson-designate.

Mminele’s appointment as an independent non-executive director of the companies will be effective from 1 May 2023.

He will be elected as chairperson of the companies immediately following the conclusion of the Nedbank Group annual general meeting scheduled to be held on 2 June 2023.

Mminele was appointed as Absa CEO on 15 January 2020 and led the bank through the Covid-19 crisis.

However, only a year after he took the reigns, he stepped down as a director and CEO of the banking group.

“The parties have not managed to achieve alignment in relation to the group’s strategy and the cultural transformation journey,” Absa said at the time.

“The board was very excited about Daniel’s appointment and the positive role he was going to play at Absa. It is a matter of considerable regret that we reached this position.”

Absa chairman Wendy Lucas-Bull said the parting of ways reflected divergent professional views and approaches and is on a “no fault” basis.

Mminele said it was regrettable that they should have had to part ways so soon on their journey.