Mminele, who took over as CEO in January 2020 after 20 years at the Reserve Bank, became the first black person to lead Absa. When he took office, he was tasked by the board with reviewing the strategy Absa had put in place in 2018 after its divorce from UK-based Barclays, and Lucas-Bull had told staff he had an “open mandate”.
On Tuesday afternoon, in the group’s statement after the Sens announcement, Lucas-Bull said: “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.
“The parting of ways merely reflects divergent professional views and approaches, and is on a ‘no fault’ basis. The board has conveyed to Mr Mminele its continued high regard for his competence and integrity. The parties believe this course is in the best interests of the company and Mr Mminele.
“This was a very difficult decision that was not reached lightly.
“Daniel and Absa have agreed their interests are best served by this parting, with an appropriate separation arrangement.
“I would like to thank Daniel for his service, leadership and contribution he made in a time of great challenge for the group and society more generally during the pandemic. We wish him all the best in his future endeavours.”