Absa Group Chairman Sello Moloko Set to Step Down

Sello Moloko, the chairman and non-executive director of Absa Group, will step down from both positions effective July 15, as reported by the lender in a statement on Sens this Wednesday morning.

Moloko, who has held the position since April 2022, intends to focus on his business initiatives and community commitments.

Read: Fihla bids ‘farewell to Standard Bank, welcome Absa’

René van Wyk will succeed him as chair of both Absa Group and Absa Bank, subject to regulatory approval. A chartered accountant, Van Wyk previously held the position of Registrar of Banks and led banking supervision at the South African Reserve Bank until May 2016. He also served in various capacities at Nedbank Group from 1993 to 2011.

Absa Group share price

In 2019, Van Wyk served as the interim CEO of Absa Group and returned to the board as a non-executive director after a cooling-off period in August 2020, later becoming an independent non-executive director a year later.

Currently, he serves as an independent non-executive director for both Absa Group and Absa Bank, chairing the group risk and capital management committee and the group credit risk committee. He is also involved in the directors’ affairs committee, the group audit and compliance committee, and the board finance committee.

Absa has indicated that Van Wyk’s committee memberships and chairmanships will be revised upon his elevation to chair.

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