Absa shrugs off Sipho Pityana’s lawsuit, appoints new chairman

Johannesburg- Financial services giant, Absa has 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.

The outgoing chairman of the bank, Lucas Bull, said the bank will be in safe hands under the leadership of Moloko.

“We are delighted to welcome Sello to the Absa Board. He brings extensive experience as a leader in the financial services industry, with a proven track record as an executive, entrepreneur and a board member at companies across several industries,” she said.

Moloko’s appointment has not been without controversy after businessman Sipho Pityana, who sits on the Absa board alleged he was blocked to be appointed as Lucas Bull’s successor by the Reserve Bank’s Prudential Authority.

The regulator is yet to comment on the allegation.

Moloko holds a BSc with Honours in Mathematics and a Post Graduate Certificate in Education (PGCE) from the University of Leicester in the UK. He has also completed various business courses, including the Advanced Management Program from the Wharton Business School in 2003.

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

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