Today's Labour News

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AbsaBL Premium reports that according to Absa Group chair Wendy Lucas-Bull, the group had to do an about-turn on naming its permanent successor to Maria Ramos at the request of the SA Reserve Bank.  

Absa had previously stated it would name the person before the presentation of its interim results on 13 August.  “The individual is fully contracted and their start date is 15th of January.  We've been through the regulatory process and one of the conditions from the regulator is that I can’t announce it until January,” Lucas-Bull indicated last week.  She reiterated the individual was South African.  By the time the new CEO starts work, Absa’s separation from Barclays will be substantially complete.  Former Reserve Bank deputy governor Daniel Mminele is regarded as the most likely candidate for the job.  Mminele retired from the Bank at the end of June after a distinguished 20-year spell there.  The central bank recently introduced “cooling-off” periods for senior executives of financial institutions, which entails them taking breaks of anywhere between six months to a year before starting work at another institution.

  • Read the full original of the above report by Lukanyo Mnyanda and Warren Thompson at BusinessLive (paywall access only)

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