Former Absa CEO Mminele to chair Alexander Forbes

Former Absa CEO Daniel Mminele, who quit the bank in April less than 16 months into the role, has been appointed as an independent nonexecutive director and designated chair of Alexander Forbes’ board of directors.

Mminele, a former deputy governor of the Reserve Bank, was also appointed a member of the nominations and remuneration committees from January 1, the company said in a statement on Thursday.

Alexander Forbes said Marilyn Ramplin, who has been chair since January 2020 and has served on the board since March 2018, would step down in early 2022 to focus on her own business, Nova One Group.

“We are pleased and excited to welcome an individual of Daniel’s gravitas to our board and consider his appointment as an affirmation of the high quality of leadership and governance that we hold ourselves to,” Alexander Forbes CEO Dawie de Villiers said.

“We believe that his experience, insight and guidance will greatly benefit our business.”

Ramplin will remain on the board for a transitional period to allow Mminele to participate in one full board cycle, including the annual March strategy session before he takes over the helm, the company said. The effective date of Ramplin’s retirement and Mminele’s transition to chair of the board is April 1.

Mminele, the first black executive to lead Absa, quit in April 2021 after falling out with the bank’s board over apparent differences in strategy. His decision to step down from the CEO role, a position he occupied from January 15 2020 to April 30 2021, led to much criticism of the lender’s commitment to transformation.

Before joining Absa, Mminele served two five-year terms as deputy governor of the Reserve Bank. His experience includes roles in credit risk analysis, corporate banking as well as project and structured finance at private banking institutions in Germany, the UK and SA.

“I am excited to be joining, and later leading, the board of Alexander Forbes at a critical stage of the organisation’s journey as it continues to evolve towards becoming the premier financial advisory firm,” Mminele said.

“I look forward to working with the board and executive team to drive the execution of the strategy to accelerate growth and unlock the immense potential of Alexander Forbes for the benefit Mminele of all’ stakeholders.” s appointment is likely to be seen as a positive development for transformation in the financial services sector, which is under pressure from the government and other lobbyists for its perceived sluggishness in being more representative of SA’s demographics.

The Association of Black Securities and Investment Professionals, the Black Management Forum and Black Business Council were unimpressed by his resignation from Absa.