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". Absa said he remains on the board. It added that the boards will appoint a new lead independent director and chair of the remco and advise shareholders in due course. Absa did not provide reasons for this decision.