Alfeus Mangale, CEO of Seacom, who was on special leave pending an independent investigation, has immediately submitted his resignation from the Absa Group board of directors.
In a statement to investors published late Thursday, Absa announced that Mangale is stepping down as an independent non-executive director effective October 8, citing 'personal reasons and future commitments.'
Furthermore, he will be leaving three board committees in which he participated: the group's risk and capital management committee, the remuneration committee, and the IT committee.
The bank noted: 'The Board thanks Mr. Mangale for his contribution to the Absa Group board since joining in July 2023 and wishes him success in his future endeavors.'
This announcement followed one day after TechCentral first reported that Seacom's board placed Mangale on special leave and appointed an independent third party to investigate allegations against him regarding company management.
Seacom Chairman Peter Weiss told TechCentral on Wednesday that this step was 'simply a precautionary measure' and that 'there is nothing to suggest his guilt in anything.' The board instructed the investigator to provide a report in approximately one month. Charles Slabbert, the CFO, is temporarily serving as interim CEO.
Career History
Absa did not link Mangale's departure to events at Seacom. Mangale joined the Absa board in July 2023, several months after becoming CEO of Seacom in April of the same year. Previously, he worked as a manager at Standard Bank, a competitor of Absa, where he held positions as Group CIO and later Head of IT Engineering, and spent over 15 years at Dimension Data.