Absa Group Chairman Sello Moloko Resigns, René van Wyk Appointed Successor

Sello Moloko, Chairman of Absa Group, announced he will step down from his role and as an independent non-executive director effective July 15, 2025, to focus on his family, personal business interests, and community commitments. During his tenure, Moloko led the board through significant challenges in 2024, including appointing a permanent CEO and restructuring the retail operating model to position the group for sustainable performance. René van Wyk will succeed Moloko as Chairman, subject to regulatory approval, after working closely with him to ensure a smooth transition. Van Wyk, a chartered accountant and former Registrar of Banks at the South African Reserve Bank, has extensive experience in banking, having served as interim CEO of Absa Group in 2019 and held various senior roles at Nedbank Group. He currently chairs several key Absa committees, and his memberships will be revised upon his appointment as Chairman. Moloko expressed gratitude for the opportunity to serve and emphasized the importance of refocusing on his personal and community priorities.