Absa picks a new chair amid the uproar over Pityana’s snub

Absa appointed Sello Moloko as chairperson a day after business leader Sipho Pityana made explosive claims that he was barred from becoming chairperson by the banking regulator.

He will take Wendy’s place. Lucas-Bull will be released at the end of March in the following year. Lucas-Bull is stepping down from his job.

Moloko resigned as Momentum Metropolitan’s chairperson on Monday. He is also the chairman of Telkom and the former CEO of Old Mutual Asset Managers.

He has previously served as chairman of the boards of Alexander Forbes, Sibanye-Stillwater, and General Reinsurance Africa.

Moloko, who was born in Soweto, earned a BSc with Honours in mathematics and a post-graduate diploma in education from the University of Leicester in the United Kingdom.

His induction comes just a few months after Pityana, Absa’s lead independent director and former Business Unity SA president, claimed that the Reserve Bank’s Prudential Authority rejected his nomination to become Absa’s chairperson.

Story by : Norvisi Mawunyegah