Leadership Transition at Absa Group: Chairman Sello Moloko to Step Down
Absa Group has announced that Mr Sello Moloko will step down as Chairman and Independent Non-Executive Director of the Board, effective 15 July 2025. His departure marks the end of a pivotal chapter in the Group’s leadership journey, during which he helped steer the organisation through significant strategic shifts and governance milestones.
Mr René van Wyk has been appointed to succeed Mr Moloko as Chairman of the Board, subject to regulatory approval.
Reflecting on his tenure, Mr Moloko said:
“It has been a great privilege to serve as Chairman of the Absa Group Board. I have had the honour of working with an exceptionally talented and committed Board, as well as a resilient management team. Over the past year, we have navigated complex challenges, including appointing a permanent Chief Executive and initiating a comprehensive restructuring of our retail operating model to position the Group for sustainable growth.
These experiences have prompted deep reflection on the demands of the role and the time it requires. I believe the time is right for me to refocus on my family, community engagements, and personal business interests. I leave the role confident in the strength of Absa’s leadership and future direction.”
To support a seamless handover, Mr Moloko will work closely with Mr van Wyk in the months leading up to the transition.
Mr van Wyk brings extensive experience to the role, having served as interim Group Chief Executive Officer in 2019 and as a member of the Absa Board since 2020. He currently chairs the Group Risk and Capital Management Committee and the Group Credit Risk Committee, and is a member of several other board committees, with his responsibilities to be restructured upon assuming the chairmanship.
Previously, Mr van Wyk served as the Registrar of Banks and Head of Banking Supervision at the South African Reserve Bank, retiring in 2016. His earlier career included various leadership roles at the Nedbank Group, including CEO of Imperial Bank and executive director for risk at Nedcor Investment Bank.
He holds a Bachelor of Commerce, a Bachelor of Accounting Science (Hons), has completed the Advanced Management Programme at INSEAD, and is a Chartered Accountant (CA(SA)).
Commenting on his appointment, Mr van Wyk said:
“I am honoured to take on the role of Chairman at such an important time in Absa’s evolution. The organisation is well-positioned to accelerate its strategic agenda, and I look forward to contributing to its continued progress alongside a capable and committed leadership team. I am grateful to Sello for his guidance and look forward to working with him during the transition.”
The Board extends its sincere gratitude to Mr Moloko for his distinguished leadership and service, particularly through a defining period in the Group’s transformation. The Board also welcomes Mr van Wyk and looks forward to his leadership as the Group enters its next chapter.
