Johannesburg – Banking giant has booted businessman Sipho Pityana off some of the key subcommittees of its board, just weeks after it “overlooked” for the chairman of the board position.
Absa notified shareholders of its decision on Friday.
Pityana, however, will still remain a board member at the bank.
“…Shareholders are informed that the Absa Group and Absa Bank Boards have resolved that Sipho M Pityana will cease to be Lead Independent Director of Absa Group and Absa Bank, chairman of the Remuneration Committee (RemCo) and, as a consequence, member of the Directors’ Affairs Committee (DAC), with immediate effect. The Boards will appoint a new Lead Independent Director and chairman of the RemCo and advise shareholders in due course,” a statement from the company read.
Absa last tapped seasoned banker Sello Moloko as its next chairperson, bringing an end to Wendy Lucas Bull’s near 10 year stay at the helm of the lender.
Moloko, who has 30 years in the financial services industry will officially run the bank valued at R121 billion in April, next year.
He has previously chaired the boards of Alexander Forbes, for 10 years and has also chaired the boards of Sibanye-Stillwater, and General Reinsurance Africa Limited (a Berkshire Hathaway company) among others.
Moloko is currently the chairman of the Telkom board and Momentum Metropolitan. His appointment at Absa will see him relinquish his Momentum Metropolitan position.
Moloko’s appointment was not without controversy after Pityana alleged he was blocked to be appointed as Lucas Bull’s successor by the Reserve Bank’s Prudential Authority.
Absa has gone through leadership turmoil in recent months. The lender’s first black CEO Daniel Mminele resigned from the position in April after clashing with the Lucas Bull led board over strategy
Follow @SundayWorldZA on Twitter and @sundayworldza on Instagram, or like our Facebook Page, Sunday World, by clicking here for the latest breaking news in South Africa. To Subscribe to Sunday World, click here.
Sunday World
