Sipho Pityana summarily fired from Absa board
Banking group Absa has fired Sipho Pityana from its board with immediate effect.
Absa claims Pityana “pursued his own personal interests to the detriment of Absa and thereby created a material and sustained conflict between his interests and those of Absa”.
Absa Group says the decision was made on Tuesday following a meeting with Pityana.
“Mr Pityana was provided 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.”
Early in November, Absa sacked Pityana as the lead independent director and chairman of the remuneration committee.
“While the boards respect Mr Pityana’s individual right to administrative fairness, unfortunately in this matter, the boards concluded that the pursuit of his personal interest at the cost of the group’s interest created a sustained and irresoluble conflict,” reads the statement.
"Absa has a duty to its stakeholders to put the group’s interest before individual interests.”
In October, Pityana turned to the high court to ask that it declare that the Prudential Authority, which is part of the Reserve Bank, had unlawfully conducted an “informal process” with Absa.
This, he claimed, led to the lender rescinding a plan to nominate him as chair.
