- Sello Moloko to exit as Absa Board Chair on 15 July 2025
- René van Wyk appointed incoming Chair, subject to regulatory approval
- Board thanks Moloko for his pivotal leadership
Absa Group has announced that Mr. Sello Moloko will step down as Chairman of the Board and as an Independent Non-Executive Director, effective 15 July 2025.
Mr. Moloko, who has been instrumental in leading the Board’s strategic direction, is stepping aside to focus on his family, personal business ventures, and community commitments. He will be succeeded by Mr. René van Wyk, pending regulatory approval, on the same date.
Reflecting on his tenure, Moloko stated:
“It has been a privilege to work with such a capable Board and resilient management team. Together, we navigated significant challenges in 2024 and laid the groundwork for long-term sustainable performance, including appointing a permanent CEO and restructuring our retail operations.”
He added that recent challenges prompted personal reflection:
“Now feels like the right time for me to prioritize my family, community engagements, and various personal business initiatives. Leading a group of Absa’s scale requires full dedication, and I believe it’s time to pass the baton.”
Mr. van Wyk, who served as Absa’s interim Group CEO in 2019 and has been an Independent Non-Executive Director since August 2021, brings deep experience in banking and governance. He chairs the Group Risk and Capital Management Committee and Group Credit Risk Committee and is an active member of other key Board committees. His committee roles will be reviewed upon assuming the chairmanship.
van Wyk’s past roles include Registrar of Banks and Head of Banking Supervision at the South African Reserve Bank. He also held executive positions at Nedbank Group, including CEO of Imperial Bank. He holds several qualifications, including a BCom, BAccSci (Hons), an Advanced Management Programme from INSEAD, and is a Chartered Accountant (CA(SA)).
Commenting on his appointment, van Wyk said:
“I’m honoured to take on the role of Board Chair at such a pivotal time. Absa is well-placed to pursue its strategic goals, and I look forward to supporting its continued growth. I’m grateful to Sello for his leadership and look forward to working closely with him on a smooth transition.”
The Absa Board thanked Mr. Moloko for his outstanding leadership and commitment, particularly during a critical period in the Group’s evolution, and welcomed Mr. van Wyk into his new role.
