Absa Group chairman Sello Moloko steps down from board of the bank

ABSA Group chairman Sello Moloko’s decision to step down as chairman represents a continuation of a number of changes on the board in recent months.

- EDWARD WEST

The bank announced Wednesday that Moloko, who turns 60 in July, will step down as independent non-executive director on July 15, and he will be succeeded by independent board member René van Wyk, who had also been the interim CEO in 2019.

Moloko intends to work with Van Wyk over the next few months for a smooth transition. Frequent and unexpected board changes to the board often indicates to investors that there might be instability in the management of a company, or different views among them on strategy.

"Moloko, who has led the strategic work of the board, will be handing over the reins for the next phase of leadership and for him to focus on his family, personal business interests, and community commitments," the bank's board said in a statement.

Moloko said the board had dealt with several challenges in 2024, and as a result, did work to reposition the group for a more sustainable performance trajectory, which included appointing a permanent chief executive and initiating the restructure of the retail operating model.