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BL Premium reports that Absa chair Sello Moloko, fresh from spearheading the appointment of the group’s new CEO, Kenny Fihla, is stepping down after just three years in the role.
The group said Moloko, who took over as chair in April 2022, has stepped down to focus on his business interests and “community commitments”. Moloko will be replaced by the lender’s former acting CEO René van Wyk in mid-July when he officially steps down. Moloko’s vast business interests include Thesele Group, which is part of a consortium bidding for the lucrative national lottery licence. Van Wyk, who sits on the Absa board, held the role of registrar of banks and head of banking supervision of the SA Reserve Bank until May 2016. Absa, which has more than 55,000 local and foreign shareholders, has been prone to leadership instability for a sustained period, sapping staff morale in the process. The group acknowledged in its 2024 annual report, published last month, that it was experiencing a dip in employee satisfaction. Fihla, who takes over the role in June, becomes the seventh Absa CEO, either on an acting or permanent basis, since 2019 after years of leadership turmoil at the bank.
- Read the full original of the report in the above regard by Kabelo Khumalo at BusinessLive (subscriber access only)
- Read too, Absa chair Sello Moloko to step down, at TimesLIVE
- And also, Absa names former registrar of banks as chair, at News24 (subscription or trial registration required)
Get other news reports at the SA Labour News home page