Absa Group Chair Sello Moloko to step down in July

Key Points

• Absa Chair Sello Moloko to exit July 15 after two years of strategic leadership and executive shake-ups. 
• René van Wyk, ex-SARB regulator and interim CEO, tapped as incoming chair pending approval. 
• Absa eyes Middle East expansion as 2024 earnings jump 10% to R22.1 billion under Moloko’s tenure.

Absa Group, a Johannesburg-based financial services provider, announced on Wednesday that Chairman Sello Moloko will step down from his role on July 15, marking the end of a three-year leadership chapter defined by strategic recalibration and executive restructuring. René van Wyk, a former interim CEO of the bank and seasoned regulator, will take over as chairperson of both Absa Group and Absa Bank, pending regulatory approval.

Moloko, who assumed the chairmanship in April 2022, cited a need to focus on personal business initiatives and community responsibilities. “The challenges of the past year prompted me to reflect on how best to allocate my time and energy,” he said, referencing a transformative period for the Johannesburg-based financial services provider.

New leadership to oversee strategic execution

René van Wyk brings regulatory depth and banking experience to the role. A chartered accountant, he previously served as Registrar of Banks and led banking supervision at the South African Reserve Bank until 2016. He held senior roles at Nedbank Group from 1993 to 2011 and rejoined the Absa board as a non-executive director in 2020. 

Van Wyk’s appointment comes just weeks ahead of the expected arrival of incoming Group CEO Kenny Fihla, who is set to begin on June 17, also pending regulatory clearance. The back-to-back leadership transitions are viewed as a critical step in strengthening Absa’s executive bench as it eyes regional expansion and long-term shareholder value creation.

Moloko’s leadership at Absa Group steered the bank through a critical period. The board recognized his contributions, stating, “We thank Moloko for his leadership and service, and wish him continued success.” 

Profits rise, Middle East expansion on horizon

Under Moloko, Absa Group reported headline earnings of R22.1 billion ($1.2 billion) for 2024, up 10 percent from R20.1 billion ($1.1 million) in the previous year. The bank is also planning to open a representative office in Dubai by Q1 2026, reinforcing its strategy to capitalize on increasing Africa–Middle East trade and investment flows. 

Moloko, a former CEO of Old Mutual Asset Managers and co-founder of Thesele Group, has over 30 years of experience in the South African financial services sector. He currently serves on several key Absa board committees, including risk, capital management, audit, and finance.

“I’ve had the privilege of working with a resilient management team during a defining period,” Moloko said. “This is the right moment to refocus on my family, community, and personal ventures.” Absa stated that van Wyk’s board roles and committee memberships will be reviewed upon assuming the chairmanship.