A sad day for transformation

The Black Management Forum says it’s a sad day for transformation in South Africa.

It was reacting to news that Absa CEO, Daniel Mminele will be stepping down at the end of April, due to disagreements on the bank's strategy.

Absa’s share price has since taken a knock since the announcement. The bank's current finance boss, Jason Quinn will take over as interim CEO.

Mminela is a former deputy governor of the Reserve Bank. The Black Management Forum says it’s written to the Absa board to arrange for a meeting

before the end of the week to get some answers.