Sello Moloko Steps Down as Absa Chairman, René van Wyk to Take the Helm

Absa Group has announced a major leadership change, with Chairman Sello Moloko set to resign from his position and as an independent non-executive director, effective 15 July 2025. The move comes as Moloko cites a desire to focus more on personal business ventures, family, and community work.

Moloko has served as Absa chairman since 2022, steering the group through a turbulent 2024 marked by leadership transitions and strategic restructuring within its retail division. Reflecting on the challenges of the past year, 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.”

René van Wyk Steps In

René van Wyk will assume the role of chairman on the same date, pending regulatory approval. Van Wyk, a seasoned banker and former Registrar of Banks at the South African Reserve Bank (SARB), brings decades of experience to the role. He previously served as interim CEO of Absa in 2019 and has held several key positions within the bank since rejoining its board in 2020.

He currently chairs Absa’s Risk and Capital Management Committee and Group Credit Risk Committee, and sits on several others including the Audit and Compliance and Directors’ Affairs committees. These roles will be reassessed as he transitions into his new leadership position.

Van Wyk’s appointment aims to bring continuity and experience during a time of change for the bank. He will work alongside incoming CEO Kenny Fihla, set to take over in June 2025.

Leadership Turbulence and Strategic Renewal

Absa’s top leadership has seen frequent turnover in recent years, with seven CEOs in just over a decade, a trend that the bank now aims to stabilise under Fihla’s leadership. The current interim CEO, Charles Russon, will remain in his role until 16 June 2025, after which he will take on another senior position within the group.

Absa has positioned these changes as part of a broader effort to build a resilient leadership structure that can drive sustainable growth in a shifting economic landscape.

Why This Matters

The transition marks a significant moment in South Africa’s banking sector, as Absa aims to restore leadership stability and pursue a long-term growth strategy under new guidance. For shareholders and clients alike, the upcoming months will be a key period to watch how this evolving leadership team charts the bank’s future.

{Source: Business Tech}

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