Banking group Absa has named former Old Mutual Asset Managers CEO Sello Moloko as its future chair.
Moloko, whose three decades’ experience includes stints as chair of Alexander Forbes and Sibanye-Stillwater, is due to assume the position in April 2022, when Wendy Lucas-Bull will step down after nine years in the position.
Moloko is currently the chair of both Telkom and Momentum Metropolitan Holdings, but will relinquish his role at Momentum before joining the Absa board in December, Absa said in a statement on Tuesday.
“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,” said Lucas-Bull in a statement.
Absa’s announcement comes a day after business executive Sipho Pityana filed court papers claiming the Prudential Authority acted unlawfully in blocking his appointment as chair of Absa.
Pityana says that an “informal process” had “circumvented procedures set out in the Banks Act” and culminated in board chair Lucas-Bull being informally told by the head of the Prudential Authority, Kuben Naidoo, who is also a deputy governor of the Reserve Bank, that he would not support his nomination.
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