ROB ROSE: Absa, Pityana and the Reserve Bank – a corporate soapie
Sipho Pityana has laid bare what happened behind closed doors in Absa’s efforts to appoint a new chair, filing a lawsuit against the Reserve Bank that drags in AngloGold and Maria Ramos
It may just be the boardroom bust-up of the year — and the last thing Absa needs right now. Already, the bank is missing a CEO after Daniel Mminele quit in April over “strategic differences” with the board after only a year in the role. It means that, amid a once-in-a-lifetime pandemic, Absa has gone six months without a CEO.
Yet this week, the persistent cloud over the bank’s boardroom darkened further when its own director, Sipho Pityana, filed court papers taking the Reserve Bank to task for “informally” vetoing his nomination as Absa’s new chair. In Pityana’s alarming 70-page affidavit, he sketches a picture of a bank scrambling to fill leadership positions, while being leant on by the regulators behind the scenes...