Khaya Sithole , Treasurer, The Association of Black Securities and Investment Professionals (Absip)

TheTakeOffInterview| The Association of Black Securities and Investment Professionals (Absip) says they cannot rule out the possibility that racial motivation played a role in the Absa Group’s decision to part ways with outgoing CEO Daniel Mminele.Mminele was the first black executive to lead the bank and will leave the group in less than 16 months.The Black Management Forum says it will write to the Board of the Absa Group to establish the reasons behind its decision.Mminele is the second black CEO to leave a South African bank following differences with the board - Basani Maluleke stepped down as African Bank CEO in January.White directors continue to occupy the bulk of positions in senior management across the financial services sector, particularly in banking, and the trend in recent years indicated stagnation rather than progress. The 2020 Transformation Report – compiled by Intellidex on behalf of the Banking Association of South Africa – indicated there were “still some glaring gaps in the transformation landscape”.Black senior management made up only 38 percent of roles in executive management.