Absa Group, one of South Africa’s banking giants, is set for another leadership shake-up as chair Sello Moloko steps down on July 15, 2025, to focus on personal business ventures and community work. The bank announced that René van Wyk, a seasoned independent non-executive director, will take the helm, bringing his extensive experience to steer Absa through a dynamic financial landscape. Moloko’s departure follows a wave of executive changes, including the recent exit of CEO Arrie Rautenbach, marking a transitional period for the bank. Van Wyk, a former interim CEO and banking veteran, is poised to guide Absa with a steady hand, though challenges like rising competition loom large.
Moloko, who has led Absa’s board through a transformative phase, leaves a legacy of resilience amid economic turbulence. His tenure saw Absa navigate post-pandemic recovery and sharpen its digital banking focus, but the bank has faced criticism for lagging behind rivals in innovation. Van Wyk, a chartered accountant with a BCom and honours in accounting science, is no stranger to high-stakes roles. Having served as Absa’s interim CEO in 2019 and as registrar of banks at the South African Reserve Bank until 2016, he brings deep regulatory and operational expertise. His prior roles at Nedbank and Imperial Bank, coupled with his current leadership of Absa’s risk and capital management committees, position him to tackle the bank’s strategic goals, including boosting shareholder value and expanding market share.
The transition comes as Absa grapples with a rapidly evolving banking sector, where fintech disruptors and economic pressures demand agility. Van Wyk’s appointment, effective July 15, will see his committee roles reshuffled to align with his new responsibilities. The board expressed gratitude for Moloko’s stewardship, particularly his role in stabilising Absa during turbulent times. However, with Kenny Fihla’s recent appointment as CEO replacing Rautenbach, Absa faces scrutiny over its frequent leadership changes. As Van Wyk steps up, investors are watching closely to see if he can drive Absa’s growth in digital transformation and sustainable finance, while fending off competitors. With a solid foundation but fierce market rivalry, Absa’s next chapter under Van Wyk promises both opportunity and challenge.