Absa gets a new chairman

Absa announced today that Sello Moloko will step down as chairman later this year and be succeeded by René van Wyk.

The banking giant said Moloko will step down as chairman and an independent non-executive director effective 15 July 2025 to focus on his business interests and community commitments.

Moloko was appointed as a non-executive director of the Absa Group in October 2021, with his appointment effective 1 December 2021. 

At the same time, he was appointed as chairman-designate of both Absa Group and Absa Bank, effective 1 April 2022, replacing Wendy Lucas-Bull.

Moloko will be succeeded by Van Wyk, who will become Chairman of Absa Group and Absa Bank from 15 July.

Van Wyk currently serves as an independent non-executive director of Absa Group and Absa Bank and the chairman of the Group Risk and Capital Management Committee.

In addition, he holds the position of chairman for Absa’s Group Credit Risk Committee, and is a member of the Directors’ Affairs Committee and the Group Audit and Compliance Committee. He was also a member of the Board Finance Committee. 

Van Wyk was Absa’s Interim Chief Executive Officer in 2019. He re-joined the company’s board, after a cooling-off period, as a non-executive director on 1 August 2020 and thereafter became an independent non-executive director from 1 August 2021. 

He was Registrar of Banks and head of banking supervision of the South African Reserve Bank until May 2016. 

Prior to that, he worked for Nedbank Group from 1993 to 2011, occupying various positions, including Nedcor Investment Bank’s executive director for risk, and CEO of Imperial Bank. 

He is a Chartered Accountant and holds a Bachelor of Commerce and a Bachelor of Accounting Science (Honours), and completed an Advanced Management Programme.

“The Board expresses its sincere appreciation to Mr. Moloko for his leadership and service during his tenure, particularly his stewardship through a pivotal phase in Absa’s journey and wishes him continued success in his future endeavours,” the company said.

“The Board welcomes Mr. van Wyk to the role of Chairman.”