South Africa’s Absa Group has announced that its chairman, Sello Moloko, will step down from his position on 15 July to allow for a leadership transition. René van Wyk has been named as his successor, pending regulatory approval.
Moloko explained that his decision to resign follows a year in which the board tackled several key issues, including the appointment of a new chief executive and a major restructuring of the bank’s retail division. Reflecting on the developments, he said, “I feel the time is ripe now for me to refocus my attention on my family, my community commitments and the several personal business initiatives outside the Group that I need to drive.”
Van Wyk, who previously served as Absa’s interim Group CEO in 2019, returned to the board as a non-executive director in 2020. Commenting on his appointment, he said, “The organisation is well-positioned to advance its strategic priorities, and I look forward to contributing to its growth and success, alongside a strong management team.”
Moloko’s departure marks the end of a significant chapter for Absa as it navigates through leadership changes and strategic reforms aimed at strengthening its position in South Africa’s banking sector.