Sello Moloko, the chair and non-executive director of Absa Group, will step down from both positions effective July 15, as stated by the lender in a Sens announcement on Wednesday morning.

Moloko, who has held the role since April 2022, intends to focus on his business ventures and community commitments.

Read: Fihla says ‘farewell to Standard Bank, welcome Absa’

René van Wyk will succeed him as chair of both Absa Group and Absa Bank, pending regulatory approval. A chartered accountant, Van Wyk formerly served as the Registrar of Banks and oversaw banking supervision at the South African Reserve Bank until May 2016. Before that, he held several positions at Nedbank Group from 1993 to 2011.

Absa Group share price

Van Wyk acted as Absa Group’s interim CEO in 2019 and rejoined the group board as a non-executive director following a cooling-off period in August 2020, later becoming an independent non-executive director a year after.

He currently serves as an independent non-executive director of Absa Group and Absa Bank, chair of the group risk and capital management committee, and the group credit risk committee. He also contributes to the directors’ affairs committee, the group audit and compliance committee, and the board finance committee.

Absa notes that Van Wyk’s committee memberships and leadership roles will be adjusted when he assumes the chair position.

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