Mminele, a former deputy central bank governor who took the reins at Absa from long-time boss Maria Ramos in January 2020, was tasked with delivering on a turnaround strategy that had largely been laid down prior to his arrival.
Absa has been trying to improve performance since splitting from its former British parent Barclays in 2017. Its efforts have in the past year begun bearing fruit, with the bank winning back lost market share in key products like mortgages. "When you've got uncertainty at the top you can't drive things at pace, and the longer that continued the more we were putting the business at risk," she said.
Mminele, who started at Absa a few months before the coronavirus pandemic took hold, said it was"regrettable" that he had to part with the bank so soon but said it was important that the CEO and board were aligned.
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