South Africa – Absa Group independent non-executive director Alpheus Mangale has resigned with immediate effect amid an ongoing investigation into complaints concerning his leadership of telecommunications company Seacom, reports say.
In a notice published on the Johannesburg Stock Exchange’s Stock Exchange News Service (SENS) on Thursday, 8 October, Absa confirmed that Mangale’s resignation was effective from the same date.
The bank said he was stepping down for “personal reasons and future commitments”.
Mangale joined Absa’s board in July 2023 and served on the Group Risk and Capital Management Committee, the Remuneration Committee and the Information Technology Committee.
“The Board thanks Mr Mangale for his contribution to the Absa Group Board since joining in July 2023 and wishes him well in his future endeavours,” the bank said in its SENS announcement.
Seacom investigation
Mangale’s departure from the Absa board comes after he was placed on special leave from his role as Seacom chief executive officer pending an investigation into complaints received about the company’s management, reported BusinessTech.
According to TechCentral, Seacom’s board appointed an independent third party to investigate the allegations, with the investigator expected to report back within approximately a month.
Seacom chairman Pieter Uys described Mangale’s placement on special leave as “just a precaution”.
“There’s nothing that says he’s guilty of anything,” Uys told TechCentral, stressing that the investigation had not established wrongdoing.
Absa has not publicly linked Mangale’s resignation to the investigation at Seacom.
Meanwhile, MyBroadband reported that Seacom chief financial officer Charl Slabbert would serve as interim group CEO while the investigation proceeds.
Seacom said its business operations would continue as normal during the process.
Mangale’s resignation leaves Absa to address the resulting vacancies on its board committees, while the outcome of the separate Seacom investigation remains pending.
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Compiled by Betha Madhomu
