Absa confirms the departure of CEO Daniel Mminele
Absa CEO Daniel Mminele will step down from his top job at the end of the month.
Mminele, who is a former deputy governor at the South African Reserve Bank, steps down after a little over a year at the helm.
He was the banking group’s first black CEO.
It's understood the decision follows a difference of opinion with the board over the banks "strategy and the culture transformation journey".
In a statement, Absa said the split was on amicable terms.
"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 statement reads.
"The parting of ways merely reflects divergent professional views and approaches and is on a 'no fault' basis."
The bank added it continues to hold Mminele to high regard.
"The parties believe that 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 that their interests are best served by this parting, with an appropriate separation arrangement.
"It is, however, important for the Chief Executive to be in complete alignment with the board on critical issues such as strategy and culture," said Absa.
Financial Director Jason Quinn will step in as the interim Group Chief Executive with effect from Tuesday.
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