Absa Group Chairman Sello Moloko Announces Resignation

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

Moloko, who has held the role since April 2022, intends to focus on his business pursuits and community obligations.

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

René van Wyk will succeed him, taking on the role of chair for both Absa Group and Absa Bank, subject to regulatory approval. A qualified chartered accountant, Van Wyk previously acted as the Registrar of Banks and oversaw banking supervision at the South African Reserve Bank until May 2016. Before that, he worked in various capacities at Nedbank Group from 1993 to 2011.

Absa Group share price

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

His current responsibilities include serving as an independent non-executive director of Absa Group and Absa Bank, chairing the group risk and capital management committee, and the group credit risk committee. He also participates 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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