Absa Group Chair Sello Moloko to Step Down July 15; René van Wyk Named Successor

Absa Group has announced that Mr. Sello Moloko will step down as Chairman of the Board. His resignation is effective from 15 July 2025.

Moloko has led the board's strategic work. He will hand over leadership to focus on his family, personal business, and community commitments.

Mr. René van Wyk will succeed Moloko as Chairman, pending regulatory approval.

Moloko expressed honor in working with a talented board and management team. He noted their resilience during challenges faced in 2024.

The board worked to reposition the group for sustainable performance. This included appointing a permanent Chief Executive and restructuring retail operations.

Moloko reflected on the demands of his role and time commitments. He feels it is time to refocus on family and personal initiatives outside Absa.

He acknowledged that this shift would affect his ability to devote time to Absa. "It has been a great privilege to serve as Chairman," he concluded.

Van Wyk was interim Group CEO in 2019 before rejoining the board in August 2020. He became an independent non-executive director in August 2021.

He chairs several committees, including the Group Risk and Capital Management Committee. His committee roles will be revised upon becoming Chairman.

Van Wyk previously served as Registrar of Banks at the South African Reserve Bank until May 2016. Before that, he worked at Nedbank from 1993 to 2011 in various roles.

He holds degrees in Commerce and Accounting Science, along with an Advanced Management Programme from Insead. Van Wyk is also a Chartered Accountant (CA SA).

"I am delighted to become Absa Group’s Board chair," said van Wyk. He looks forward to contributing to the organization's growth alongside a strong management team.

Van Wyk expressed gratitude for Moloko's guidance during this transition period. The Board appreciates Moloko's leadership during his tenure and wishes him success in future endeavors.

They welcome Mr. van Wyk as the new Chairman of the Board.

About Absa Group Limited

Absa Group Limited is listed on the Johannesburg Stock Exchange. It is one of Africa’s largest diversified financial services groups.

Absa offers products across personal banking, corporate banking, investment management, and insurance services.

The group owns majority stakes in banks across several African countries including Botswana, Kenya, Ghana, and South Africa among others.

Absa also operates offices in China, Nigeria, Namibia, and the United States along with securities entities in the UK and US.