Just News |
The Absa Group and Absa Bank Boards removed Sipho Pityana as a director of the Boards, with immediate effect.
The group said the decision followed a 23 November 2021 meeting during which Pityana was provided with an opportunity to address the Boards’ allegations that he had neglected or had been derelict in the performance of his functions as a director of the Boards and had failed to conduct himself in the interests of Absa.
“After careful consideration of the matter and Pityana’s responses to the allegations, the Boards arrived at the view that, amongst others, Pityana pursued his interests to the detriment of Absa and thereby created a material and sustained conflict between his interests and those of Absa.” Read a statement released on Wednesday morning.
Absa Group added that the decision to remove Pityana as director followed an earlier decision on 12 November 2021 to remove him as a lead independent director and Chairman of the remuneration committee.