Absa Group Limited has announced a significant leadership change, with Mr. Sello Moloko stepping down as Chairman of the Board and Independent Non-Executive Director, effective 15 July 2025.
Mr. René van Wyk, a seasoned financial executive with a long-standing association with Absa, has been appointed to succeed Mr. Moloko, pending regulatory approval.
Mr. Moloko’s departure marks the end of a transformative chapter in Absa’s history. During his tenure, he played a key role in steering the board’s strategic direction, guiding the Group through complex transitions, including the restructuring of its retail operating model and the appointment of a permanent Chief Executive in 2024.
Reflecting on his journey, Moloko stated, “I feel honoured to have worked alongside such a talented and dedicated Board and with a management team that has shown invaluable resilience.”
“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 restructuring of our retail operating model.
“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. This will, naturally, adversely affect my ability to devote the requisite time to a group of the scale of Absa. Indeed, it has been a great privilege to serve as Chairman of the Absa Group Board.”
Mr. Sello Moloko
The Board extended its sincere gratitude to Mr. Moloko for his leadership and service during his tenure. Under his stewardship, the Group achieved notable milestones in performance, governance, and strategic repositioning.
René van Wyk Brings Deep Experience to New Role
Succeeding Mr. Moloko is Mr. René van Wyk, who brings a wealth of experience from across the financial services industry. A Chartered Accountant by profession, van Wyk holds a Bachelor of Commerce, a Bachelor of Accounting Science (Honours), and has completed the Advanced Management Programme at INSEAD.
Mr. van Wyk is no stranger to Absa, having served as the interim Group Chief Executive Officer in 2019. He returned to the Board as a non-executive director in August 2020 and became an independent non-executive director from August 2021.
He currently chairs the Group Risk and Capital Management Committee (GRCMC) and the Group Credit Risk Committee (GCRC), and also serves on the Directors’ Affairs Committee (DAC) and the Group Audit and Compliance Committee (GACC). His committee memberships and chairmanships will be revised once he assumes the new role.
Outside of Absa, van Wyk is widely respected in the financial sector. He previously served as Registrar of Banks and head of banking supervision at the South African Reserve Bank (SARB) until his retirement in May 2016. Before his role at SARB, van Wyk held several executive positions within the Nedbank Group, including CEO of Imperial Bank and Executive Director responsible for risk at Nedcor Investment Bank.
Looking ahead, van Wyk expressed enthusiasm about leading the board at a pivotal time.
“I am delighted to assume the reins as Absa Group’s Board chair at an exciting time in the organisation’s history. The organisation is well-positioned to advance its strategic priorities, and I look forward to contributing to its growth and success, alongside a strong management team.”
Mr. René van Wyk
He also acknowledged the contributions of his predecessor, saying, “I am grateful to Sello for his guidance, and I look forward to working with him on a seamless transition in the coming months.”
A New Chapter for Absa Group
The transition is set to ensure leadership continuity and strategic alignment as Absa continues to deepen its footprint across Africa and internationally. Headquartered in South Africa, Absa Group is listed on the Johannesburg Stock Exchange and stands as one of the continent’s leading diversified financial services institutions.
It holds majority stakes in banks across several African countries, including Ghana, Kenya, Botswana, and Uganda, and has a presence in key global markets such as China, the United States, and the United Kingdom.
As Absa Group looks to the future under new board leadership, the organisation remains committed to delivering integrated financial solutions across personal and business banking, corporate and investment banking, insurance, and wealth management. The seamless transition between Mr. Moloko and Mr. van Wyk underscores Absa’s strong governance framework and its readiness to embrace the next phase of growth.
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