Absa exec - who earned R26 million last year - probably quit over strategy disagreement, says an analyst

Outgoing deputy CE of Absa, David Hodnett. Photo: Barclays

The deputy head of Absa has resigned midway through a two-month sabbatical.
David Hodnett saw his position as head of SA banking basically disappear as part of a restructuring.
The market did not like his resignation, which one analyst blamed on a disagreement about strategic direction.
The resignation confirms that Absa management is not ‘functioning optimally’, says Denker Capital’s Kokkie Kooyman.
Hodnett earned R26.5 million last year, but according to one report, received millions more in long-term share allocations – which he now stands to lose.

When Absa announced a major business restructuring in April, the bank announced that deputy CEO David Hodnett (48)…

Absa exec – who earned R26 million last year – probably quit over strategy disagreement, says an analyst – Business Insider South Africa