ABSA Group chairman steps down

The ABSA Group is embarking on a new chapter as Board Chairman Sello Moloko steps down in July, passing the reins to seasoned leader René van Wyk. Moloko's departure marks the end of a significant chapter, as he reflects on his time overseeing strategic repositioning within the bank. One of the key highlights during his tenure was the reshaping of the Board and redefining the strategic path for the organization, particularly focusing on the retail business. Moloko's decision to step down was rooted in the need to refocus on personal priorities, a difficult but necessary call to ensure the legacy he leaves behind is secure. The incoming Chairman, René van Wyk, steps into the role with a focus on maintaining stability and supporting the bank's continued growth. Van Wyk's regulatory experience and risk management expertise will shape his leadership approach, emphasizing effective board management and succession planning. As he prepares to take the reins, van Wyk identifies maintaining business as usual and consolidating the bank's position as top priorities. Additionally, he highlights priorities such as restructuring retail operations and unlocking potential in ABSA's African presence countries. The transition period will see Moloko supporting the handover process, ensuring a seamless transition for van Wyk. Moloko expresses confidence in the state in which he is handing over the group, emphasizing the clarity of direction and leadership continuity within the board. When discussing transformation, both Moloko and van Wyk acknowledge the importance of ongoing efforts to promote diversity and inclusion within the organization. Initiatives such as appointing a black CEO and achieving significant representation of women and people of color on the board demonstrate ABSA's commitment to fostering effective transformation. Van Wyk emphasizes the need for continual progress in transformation, noting that it is an ongoing journey that requires vigilance and succession planning to ensure a reflective and inclusive workforce. The ABSA Group's leadership transition signifies a move towards transformation, continuity, and a commitment to driving the bank's future success.