Moloko will be stepping down to focus on his family, personal business interests, and community commitments.
This week, Absa and Exxaro have continued a period of intense leadership disruption, with senior executives stepping down. However, leadership changes at these two publicly listed companies have become common.
Absa, part of the big four banks in South Africa, announced on Wednesday morning that its chairman, Sello Moloko, will step down on 15 July 2025.
The announcement comes as Absa awaits the arrival of its incoming CEO, Kenny Fihla. The former deputy CEO of Standard Bank will commence his duties on 17 June 2025. Before Fihla’s appointment, Absa had seen six interim and permanent CEOs since 2019.
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Challenging time at Absa
In a media statement, Absa said Moloko will be stepping down to focus on his family, personal business interests, and community commitments.
“The board dealt with several challenges in 2024, and as a result, did work to reposition the group for a more sustainable performance trajectory, which included appointing a permanent chief executive and initiating the restructuring of our retail operating model.
“These challenges have got me to reflect on the demands on myself and on my time. I feel that the time is ripe for me to refocus my attention on my family, community commitments, and several personal business initiatives outside the Group that I need to drive,” said Moloko.
Who is next at Absa?
Former interim Group CEO René van Wyk will succeed Moloko as group chairman, subject to regulatory approval. He was appointed as interim CEO in 2019.
“He re-joined the Absa board, after a cooling-off period, as a non-executive director from 1 August 2020 and thereafter became an independent non-executive director from 1 August 2021.”
“The organisation is well-positioned to advance its strategic priorities, and I look forward to contributing to its growth and success, alongside a strong management team. I am grateful to Sello for his guidance, and I look forward to working with him on a seamless transition in the coming months,” added Van Wyk.
Who is René van Wyk?
Van Wyk is the chairman of the Absa Group Risk and Capital Management Committee (GRCMC) and Group Credit Risk Committee (GCRC), a member of the Directors’ Affairs Committee (DAC) and the Group Audit and Compliance Committee (GACC), and a member of the Board Finance Committee (BFC).
He is the former registrar of banks and head of banking supervision of the South African Reserve Bank (Sarb). Van Wyk retired from that position in May 2016.
“He holds a Bachelor of Commerce, Bachelor of Accounting Science (Hons), Advanced Management Programme (Insead), and is a Chartered Accountant, CA (SA).”
ALSO READ: Former Exxaro CEO’s pay slashed by a third after suspension, resignation
Mutual separation at Exxaro
One of the country’s top five coal producers, Exxaro, began its week by announcing that it is parting ways with one of its senior executives.
On Monday, Exxaro informed shareholders that it has reached a mutual separation agreement with Kgabi Masia, its chief coal operations officer, effective 24 April 2025.
Exxaro assured shareholders that this leadership shakedown will not affect the company’s operation because Mervin Govender will continue as Acting Chief Coal Operations Officer.
“The board and the new CEO of Exxaro remain committed to succession planning and the timely appointment of permanent candidates to all critical roles.”
Exxaro’s CEO exit
Masia is not the first senior executive to leave the company this year. The first was Exxaro’s first female CEO, Nombasa Tsengwa, who handed in her resignation in February following her lengthy suspension.
She was suspended in 2024 after allegations of bullying, mismanagement, and irregularities in senior leadership broke out.
The suspension occurred days after a Sunday Times article was published, which quoted anonymous sources alleging that Tsengwa’s intimidating management style contributed to the departure of up to nine executives.
The company has since named Ben Magara as its new CEO, with the hope of bringing stability during this transition period.
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