ABSA announced on Wednesday that it has fired Sipho Pityana from its board of directors, alleging that he had not performed his functions as a director properly, and that he acted in his own interest and not in Absa’s best interest.
According to the statement, this created a ‘sustained and irresoluble’ conflict between the parties.
“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. Absa has a duty to its stakeholders to put the group’s interest before individual interests,” said the banking group.
Pityana’s dismissal followed after he sued the Prudential Authority of the Reserve Bank in October, claiming his nomination to become Absa’s chairman had been unfairly blocked after former Absa CEO, Maria Ramos, informally informed the authority’s head, Kuben
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