Absa has ended a dramatic week in which faced substantial backlash for not being able to retain its first black CEO with the appointment of Punki Modise as its interim financial director.
The bank, which announced on Tuesday that it had decided to part ways with Daniel Mminele after only 16 months as its first black CEO, announced on Friday that it had appointed Modise as its purse controller.
Modise's interim promotion comes after Jason Quinn moved to fill the vacuum left by Mminele's imminent departure.
Quinn, who was the lender's financial director, was appointed as the interim group CEO with effect from 20 April.
Absa said Modise would become an executive director on its boards with immediate effect, subject to regulatory approvals.
Modise joined the banking group in 2008 and has held various senior management positions at Absa. She was the CFO of Absa Retail and Business Banking, the group's biggest business unit since June 2016. She had served in numerous other roles before that, including that of the head of transactional banking and the chief of staff of retail banking.
Before joining Absa, Modise held positions at Standard Bank and insurance group, Fedsure.