Sello Moloko has stepped down as Absa's Group Chairman.
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Absa Group Chairman Sello Moloko will step down from his role on 15 July 2025, the bank announced on Wednesday.
Moloko’s role as Chairman of the Board will be filled by René van Wyk, also effective on July 15, and subject to regulatory approval.
Sello was appointed to the Board as an independent non-executive director in December 2021, and became Group Chairman in April 2022.
Moloko said he intends to focus his attention on his personal life and separate interests, following a challenging 2024.
“The Board dealt with several challenges in 2024, and as a result did work to reposition the Group for a more sustainable performance trajectory which included appointing a permanent Chief Executive and initiating the restructure of our retail operating model,” Moloko said.
“These challenges have got me to reflect on the demands on myself and on my time. I feel the time is ripe now for me to refocus my attention on my family, my community commitments and the several personal business initiatives outside the Group that I need to drive,” the outgoing Chairman added.
It is alleged that former Absa CEO Arrie Rautenbach’s 2024 exit was a messy one, with the Sunday Times reporting at the time that he “broke down” during a conference with senior leaders, causing the Board to lose confidence in his ability to lead.
In taking an early retirement package, Rautenbach cut his contract short by two and a half years.
Following an interim phase led by Charles Russon, Absa appointed Kenny Fihla as its new CEO in April.
Fihla, who is expected to officially take up his new role in June 17, resigned suddenly from his former role as Standard Bank’s CEO, the day before Absa announced him as new leader.
“Kenny is a recognised leader with substantial pan-African banking experience and a proven track record. He has almost 20 years of experience in leadership roles in banking,” Absa said.
Equipped with the required skills and experience to improve market sentiment around Absa, Fihla will address a long-standing leadership vacuum at the bank, said Rowan Williams, Chief Investment Officer at Nitrogen Fund Managers.
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