Today's Labour News

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AbsaBusinessLive reports that Absa Group said on Monday that it has completed the process of appointing its new CEO but it will only announce his name at a later stage.  

The group indicated thatthe name was held back to comply with conditions imposed by the Prudential Authority.  The new CEO will only take office in January 2020.  In June, Absa committed to announcing a permanent replacement for former CEO Maria Ramos just before its half-year financial results presentation which takes place on Tuesday.  At the time, Absa Group chair Wendy Lucas-Bull said candidates that Absa was eyeing had cool-off periods of at least six months imposed by the Sa Reserve Bank (SARB).  When Daniel Mminele (54) retired as deputy SARB governor a few weeks later, speculation was rife that he had bowed out to take up the position of Absa CEO.  By January 2020, Mminele would have completed the six months cooling-off period.  The new CEO will join a company that is facing fierce competition from old rivals and newly launched digital banks, but Absa has mapped out an ambitious growth strategy.

  • Read the full original of the above report by Londiwe Buthelezi at BusinessLive

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