Highlights
- Sello Moloko has stepped down as Absa’s Group Chairman
- Absa Group Chairman Sello Moloko will step down from his role on 15 July 2025, the bank announced on Wednesday
- Moloko’s role as Chairman of the Board will be filled by René van Wyk
In a notable shift within one of South Africa’s leading banking institutions, it has been confirmed that Sello Moloko, the Group Chairman of Absa, will step down from his role effective July 15, 2025. This decision follows a challenging year for the bank, marked by pivotal leadership changes and strategic restructuring.
Succeeding Moloko will be René van Wyk, whose appointment as the new Chairman is contingent upon regulatory approval. This transition is set against a backdrop of significant challenges that Moloko faced during his tenure.
Moloko’s journey with Absa began in December 2021 when he joined as an independent non-executive director. By April 2022, he had risen to the rank of Group Chairman. Under his leadership, Absa embarked on critical reforms aimed at propelling the bank towards a sustainable future. Crucial among these reforms were the appointment of a permanent Chief Executive and a comprehensive overhaul of the bank’s retail operating model.
Reflecting on his impending departure, Moloko expressed a desire to devote more time to personal pursuits and community engagements. The intensity of the past year, he noted, had prompted him to reconsider the distribution of his time and energy.
The turbulence of 2024 witnessed the departure of former CEO Arrie Rautenbach in a manner described by insiders as less than ideal. Reports surfaced of Rautenbach’s emotional breakdown during a pivotal conference with senior leadership, undermining his position and resulting in early retirement. His exit left a palpable leadership void within the organization.
During the interim, Charles Russon managed executive duties until April 2025, when Kenny Fihla was named the new CEO. Fihla, a distinguished figure in the banking sector, brings nearly two decades of leadership experience to Absa. His previous tenure as CEO of Standard Bank fortified his credentials, making him a strategic fit for Absa’s objectives.
Kenny Fihla’s impending role begins officially on June 17, 2025, marking a new chapter for the bank. His appointment is largely viewed as a corrective measure to restore market confidence and leadership stability. Rowan Williams, Chief Investment Officer at Nitrogen Fund Managers, echoed this sentiment, emphasizing Fihla’s competency as pivotal in reshaping Absa’s trajectory.
As Sello Moloko prepares for new ventures beyond Absa, the banking community and stakeholders await the impact René van Wyk and Kenny Fihla will have on Absa’s future. These strategic leadership decisions reflect Absa’s commitment to navigating through complexities with renewed vigor and vision.
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