EDITORIAL: The big cost of the Absa chaos

For all the flak Absa is getting for picking Arrie Rautenbach as CEO, consider just how much picking theLast week, Absa shareholders, including the Public Investment Corp , flayed the bank for its decision to appoint Rautenbach, arguing that hiring a white CEO was a “downright disappointment” and a “missed opportunity” to transform the bank.

But Absa’s new annual report reveals that its ill-fated earlier decision to appoint central banker Daniel Mminele — who quit after just 16 months over strategic differences with the board — to the post cost it R33.4m last year. Mminele worked for only four months last year, yet scored R3m in salary for that. But he was awarded another R30.4m for “termination of employment”, including separation payments, notice payments and accrued leave. Clearly, the chaos in Absa’s boardroom is costing investors plenty — now does

These paychecks are not ok. They are completely out of balance. I truly believe this is why government 'employees' from Ministers to whatever steal and/or give themselves ludicrous increases. Etc.

Absolutely disgusting, how did one person get so much for such a short period. At least he paid 45% tax on most of it, but still.

After 35 years of service at a company one get a pittance slapped with 36% tax on it if you want to withdraw it

Good work if you can get it.

One has to ask, dear ABSA customers and shareholders, did the 16 months work by former ABSA CEO Daniel Mminela for the R63-million that he earned make any noticible difference to your customer experiences and investments with ABSA bank?

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