The Problem-solver

From teacher to actuary to entrepreneur, CEO and corporate titan, Sello Moloko has had an illustrious journey that could inspire any young African. Taking over as chairman of the Absa group from April 1, he is all set to make his mark in defining the future of banking.

- By Godfrey Mutizwa. Photographer by Katlego Mokubyane

Solving problems may be par for the course for mathematicians, but incoming Absa Group Chairman Sello Moloko may be about to get his sternest examination yet.

The 56-year-old becomes chair of South Africa’s third largest bank by assets on April 1, taking on the challenge of redefining a financial institution seeking new leadership and direction after extricating itself from a decade-plus tie-up with Britain’s Barclays Plc.

Absa Group remains without a substantive Chief Executive Officer, a year since the unhappy departure of former central banker Daniel Mminele. Mminele lasted 15 months in the group after succeeding Maria Ramos in 2019.

Ramos had led the bank for a decade during which it had been a part of Barclays.

“Look, there is a lot of work that needs to be done inside the organization,’’ Moloko says in an interview with FORBES AFRICA on March 8.

“It has to find a new direction and new leadership that would work towards ensuring that we redefine our culture. So at this point we have the excitement to redefine our culture, and operating in 12 countries in the continent, we have to show that leadership from the top.’’

Arguably the first item on Moloko’s in-tray will be the appointment of a new CEO. Mminele, a former deputy governor of the South African Reserve Bank, had joined Absa in January 2020 amid much excitement after Barclays quit as a controlling shareholder. In his departure statement, he spoke of the importance of aligning the CEO and board on strategy and culture.