Outgoing Absa chair Sello Moloko has dismissed suggestions that the bank’s reputation suffered from the leadership scandal surrounding former CEO Arrie Rautenbach’s abrupt departure, according to a Sunday Times report.
Speaking publicly for the first time since announcing his exit, Moloko maintained that Absa’s brand remains robust, pointing to the appointment of Kenny Fihla as the new group CEO as evidence of the institution’s strength.
New Leadership as Confidence Vote
Fihla, currently deputy group CEO at Standard Bank, will take the helm at Absa on June 17, becoming the bank’s second black group CEO. Moloko argued that attracting an executive of Fihla’s caliber would have been impossible if Absa’s reputation were truly damaged.
“The arrival of Kenny is also a signal, or a vote, of confidence … if Absa was really broken and terrible, I don’t think we would have been able to attract such talent,” he said.
Turmoil Under Rautenbach
Fihla’s appointment follows a governance scandal under Rautenbach, who faced accusations of being anti-transformation from black executives.
Tensions peaked when the board resisted Rautenbach’s attempt to remove Saviour Chibaya as head of Africa operations, a division that delivered strong results, contributing 44% to Absa’s 2023 earnings.
Rautenbach had taken over in 2022 after Daniel Mminele’s short-lived tenure ended amid clashes over strategy.
Moloko’s Exit: A Personal Decision
Moloko denied being pushed out, stating he chose to leave to focus on his personal ventures.
He expressed confidence in Absa’s future, citing Fihla’s arrival and the bank’s clear operating model.
“While my tenure came to an end prematurely by choice, I think one has left the business at a place where key stakeholders, particularly investors, are excited about it,” he said.
Moloko joined Absa as a nonexecutive director in December 2021 and leaves as the bank seeks to move past its leadership challenges.
