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Absa Group Chairman Sello Moloko will step down from his role on 15 July 2025, the bank announced on Wednesday.
Moloko’s role as Chairman of the Board will be filled by René van Wyk, also effective on July 15, and subject to regulatory approval.
Sello was appointed to the Board as an independent non-executive director in December 2021, and became Group Chairman in April 2022.
Moloko said he intends to focus his attention on his personal life and separate interests, following a challenging 2024.
“The Board 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 our retail operating model,” Moloko said
“These challenges have got me to reflect on the demands on myself and on my time. 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,” the outgoing Chairman added.
It is alleged that former Absa CEO Arrie Rautenbach’s 2024 exit was a messy one, with the Sunday Times reporting at the time that he “broke down” during a conference with senior leaders, causing the Board to lose confidence in his ability to lead.