Absa Group Chairman Sello Moloko Announces Resignation

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

Since taking on this role in April 2022, Moloko has decided to focus on his business interests and community commitments.

Read: Fihla bids farewell to Standard Bank, welcomes Absa

René van Wyk will succeed him as chair of both Absa Group and Absa Bank, pending regulatory approval. A chartered accountant, Van Wyk previously held the position of Registrar of Banks and was responsible for banking supervision at the South African Reserve Bank until May 2016. Before that, he occupied various roles at Nedbank Group from 1993 to 2011.

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In 2019, Van Wyk served as the interim CEO of Absa Group and returned to the board as a non-executive director following a cooling-off period in August 2020. He then became an independent non-executive director a year later.

His current roles encompass being an independent non-executive director of Absa Group and Absa Bank, chairing the group risk and capital management committee, as well as 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 stated that adjustments to Van Wyk’s committee memberships and chairmanships will occur upon his elevation to chair.

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