Absa Bank has appointed Sello Moloko as the new chairman of the banking group. He will replace Wendy Lucas-Bull at the end of March next year. Lucas-Bull is retiring from the position.
Moloko resigned as chairperson of Momentum Metropolitan on Monday. He also chairs Telkom and is a former CEO of Old Mutual Asset Managers. In the past, he chaired the boards of Alexander Forbes, Sibanye-Stillwater and General Reinsurance Africa. Soweto-born Moloko obtained a BSc with Honours in mathematics and a post-graduate certificate in education from the University of Leicester in the UK.
“Absa has conducted a robust chairman succession process, which started in October 2020. During this process which involved an extensive search, Absa considered both internal and external candidates who applied for the position of Chairman of the Absa boards,” the company said in a statement.
“After the completion of this process the Absa Boards resolved to nominate Mr Sello Moloko for the position and submitted his nomination as Independent non-executive director and Chair to the Prudential Authority for approval. The Prudential Authority approved Mr Moloko’s nomination and Absa has made the appropriate announcements in this regard.”
Absa is still searching for a CEO to replace Daniel Mminele, who resigned in April.
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