Absa Group Chair steps down; hands over reins to next phase of leadership

Absa Group has announced that Sello Moloko will step down as Chairman. His resignation takes effect on 15 July 2025. He will also leave his role as an Independent Non-Executive Director.

Mr. Moloko has led the board's strategic efforts. He plans to focus on his family, personal business, and community commitments.

René van Wyk will succeed Mr. Moloko as Chairman. This change is subject to regulatory approval.

Mr. Moloko expressed his 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.

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

He acknowledged that this shift would limit his ability to serve Absa effectively. Mr. Moloko stated it has been a privilege to be Chairman of the Board.

René van Wyk

Mr. van Wyk was interim Group CEO in 2019. He re-joined the Absa board as a non-executive director on 1 August 2020.

He became an independent non-executive director on 1 August 2021. Currently, he chairs several committees, including the Group Risk and Capital Management Committee.

His committee roles will be revised upon becoming Chairman of the Board.

Mr. 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, including executive director responsible for risk.

He holds a Bachelor of Commerce, Bachelor of Accounting Science (Hons), and is a Chartered Accountant (CA SA).

Mr. van Wyk expressed delight in becoming Absa’s Board chair during an exciting time for the organization. He looks forward to contributing to its growth alongside a strong management team.

He thanked Mr. Sello for his guidance and aims for a smooth transition in coming months.

The Board appreciates Mr. Moloko's leadership during his tenure, especially through pivotal phases for Absa’s journey. They wish him success in future endeavors and welcome Mr. van Wyk as Chairman.