Sipho Pityana, a director of Absa, has been stripped of key positions that he held on the board, including chair of the remuneration committee. Pityana is involved in a legal action against the Prudential Authority and Absa
Businessman Sipho Pityana has been removed from key positions on the Absa board following his court action against the Prudential Authority over what he said was an unfair process that stymied his chance of being Absa chairperson.
In a statement on SENS late on Friday, Absa told shareholders “that the Absa Group and Absa Bank boards have resolved that Sipho M Pityana will cease to be lead independent director of Absa Group and Absa Bank, chairman of the remuneration committee [remco] and, as a consequence, member of the directors’ affairs committee [DAC], with immediate effect”.It added that the boards will appoint a new lead independent director and chair of the remco and advise shareholders in due course.
The high-profile dispute has seen the bank draw criticism with some analysts saying it’s disappointing that the bank had made yet another misstep with the board succession and this showed a leadership team divided. It emerged following Pityana’s court action against the PA, that he had left the AngloGold Ashanti board, where he was chair, following an allegation and investigation into a charge of sexual harassment against him.Pityana could not immediately be reached for comment on Friday night.
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