Sun, May 22, 2022

Former Absa CEO Daniel Mminele Exit Package Tops R30 Million

Daniel Mminele, a former Absa CEO, was paid R30 million in other payments in 2021 as part of a separation agreement with the banking group.

The banking group said other payments included separation payments, contractual notice payments, and leave payments.

Mminele’s total fixed remuneration for 2021 stood at R3 million, which consists of R2.9 million basic salary, R51 466 retirement benefits, and R26 247 in other employee benefits.

He stepped down as a director on 20 April 2021 and ceased being an employee on 30 April 2021.

“The decision by Absa and former Group Chief Executive, Mminele, to part ways in April 2021 was regrettable, resulting in a mutually agreed separation that was in the best interest of both parties,” Sello Moloko, Absa’s chairman, said in the group’s integrated annual report.

The company said the separation was a consequence of the non-alignment between the board and Mminele on strategy and culture transformation matters.

“The termination of employment was on a “no-fault” basis,” Absa disclosed.

“For a speedy resolution and in the best interests of the organisation, the board agreed that Mminele would receive a termination payment that would include good leaver treatment on unvested short-term incentive deferrals and unvested long-term incentives, in respect of which Daniel received cash-equivalent payments.

“All outstanding awards lapsed on termination.”

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