Absa has set a deadline to announce its new CEO - here’s what we know about the frontrunner
- Absa says it will announce its new CEO by the time it releases its interim results in August.
- Reserve Bank Deputy Governor Daniel Mminele is considered a front runner for the position.
- He retired from the Reserve Bank on Thursday.
- For more stories, go to Business Insider SA.
Absa will announce its new CEO in the next six weeks, amid longrunning speculation that Reserve Bank Deputy Governor Daniel Mminele will replace Maria Ramos as Absa CEO.
The Reserve Bank on Thursday announced that Mminele, 54, intends to retire from bank when his second term as deputy governor ends on Sunday.
Absa spokesperson Phumza Macanda said “as a rule” the company does not comment on speculation.
“Regarding the timing of the announcement of the new CEO, Chair of the Board Wendy Lucas-Bull has said that the announcement will be made at or by the time we publish our interim results,” Macanda told Business Insider South Africa. Absa's interim results are expected on 13 August.
Mminele was first mentioned as a possible replacement for Ramos in February when she announced she’d be retiring after a decade as CEO.
At the time, Ramos was replaced by René van Wyk as interim CEO, a former colleague of Mminele’s at the Reserve Bank.
More about Mminele
He was born in 1965 in Phalaborwa, but went to school in Germany and received a degree from London Guildhall University.
After working in the banking sector in the UK and Germany, he returned to South Africa in 1995 to join Commerzbank in Johannesburg. He then briefly worked at African Merchant Bank, before before joining the Reserve Bank in September 1999.
He served in the bank’s financial markets and international banking departments, before being appointed as deputy governor responsible for financial markets and international economic relations.
Mminele is married with two children.
In January 2018, German President Frank-Walter Steinmeier bestowed the Great Order of Merit to Mminele for his work in furthering German-South African relations.
The Great Order of Merit is the highest tribute Germany can pay to an individual for services to the country.
According to a Pretoria News article, the German ambassador in South Africa described him as being half-German in "his life and his heart". The newspaper reports that he is known in the Reserve Bank as "the German" because of his punctuality and precision.
Absa has said a permanent CEO will take the role next year. Mminele needs to serve a six-month "cooling off" period following his resignation from the central bank.
If appointed by Absa, he would be the bank’s first black CEO.
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