Business / Companies
Sasol appoints Zimbabwean trained executive as CEO
11 Dec 2015 at 13:23hrs | Views
Bongani Nqwababa has been appointed Joint-President and Chief Executive Officer of Sasol, the company said on Monday.
Today, the Sasol Limited Board of Directors announced the appointment of Bongani Nqwababa and Stephen Russell Cornell as Joint-Presidents and Chief Executive Officers of the Company, with effect from 1 July 2016, the beginning of the Company's next financial year. This follows the announcement on 8 June 2015 that David Constable, the President and CEO, had decided not to extend his contract with Sasol beyond 30 June 2016.
Mr Nqwababa is currently Chief Financial Officer of Sasol, and a member of the Sasol Limited Board of Directors and the Group Executive Committee. Mr Cornell is currently the Executive Vice President: International Operations, and a member of the Group Executive Committee.
Nqwababa has an honours degree in accounting from the University of Zimbabwe and qualified as a chartered accountant in 1991, after training with PricewaterhouseCoopers. He also obtained a Masters degree in Business Administration from the Universities of Manchester and Wales, Bangor in 1999.
Dr Mandla Gantsho, Chairman of Sasol Limited's Board of Directors, said, "Sasol's succession plan for the President and CEO, which enabled the consideration of internal and external candidates in South Africa and globally, has informed the Board's well-considered decision to appoint Steve and Bongani as Joint-CEOs. They have complementary skills, experience, qualifications and backgrounds, and, together, they will form a formidable team to take this large and complex company to the next level of performance and success. Their complementary attributes are well-suited to drive Sasol's growth programme while maintaining momentum for the sustainable repositioning of the Company to respond decisively to the challenging energy landscape."
Dr Gantsho added, "Our Joint-CEO designates have also had relevant industry experience gained prior to joining Sasol at Anglo American Platinum, Eskom and Shell, in respect of Bongani, and BP, Total and Exxon, in respect of Steve. Over the next six months, they will work with David and myself, as part of a thorough transition and handover plan."
The Board of Directors of Sasol Limited has also appointed Paul Victor as Chief Financial Officer and Executive Director, with effect from 1 July 2016. Mr Victor is currently Senior Vice President: Financial Control Services at Sasol, and served as acting Chief Financial Officer from 10 September 2013 to 28 February 2015.
Dr Gantsho added, "I would like to wish Steve, Bongani and Paul well with their appointments, and, on behalf of the Board of Directors of Sasol Limited, to welcome Steve and Paul onto the Board of Directors of Sasol Limited".
Nqwababa served as the Chief Financial Officer, Finance Director and Executive Director of Anglo American Platinum Limited from January 1, 2009 to March 1, 2015. He served as the Acting Chief Executive Officer of Anglo American Platinum Limited since July 2012 until September 1, 2012 and Executive Director of Finance. He served as the Finance Director of Eskom Holdings SOC Limited from September 2004 to September 2008. He served as Treasurer and Chief Financial Officer of Shell Southern Africa and also worked in the Treasury Departments of Fortis Bank in the Netherlands and FBC Fidelity Bank in South Africa.
Nqwababa's past experience includes roles as Head of Foreign Exchange at Fidelity Investment Bank and as an Audit Manager at Pricewaterhouse (South Africa). He served as the Chairman of Eskom Finance Company, Escap. He has been an Executive Director of Anglo Platinum Ltd. since January 1, 2009. Mr. Nqwababa served as an Independent Non-executive Director at Old Mutual plc from April 1, 2007 to January 6, 2014. He has brought nearly a decade of experience and leadership in financial management gained in the oil industry and at the national electricity supplier. He serves as a Director of Eskom Enterprises, Rotek Industries and Rosherville Properties, Roshcon. He served as an Independent Non-Executive Director of Sasol Ltd. from December 5, 2013 to September 26, 2014. He served as a Director of Eskom Holdings SOC Limited since September 2004.
Today, the Sasol Limited Board of Directors announced the appointment of Bongani Nqwababa and Stephen Russell Cornell as Joint-Presidents and Chief Executive Officers of the Company, with effect from 1 July 2016, the beginning of the Company's next financial year. This follows the announcement on 8 June 2015 that David Constable, the President and CEO, had decided not to extend his contract with Sasol beyond 30 June 2016.
Mr Nqwababa is currently Chief Financial Officer of Sasol, and a member of the Sasol Limited Board of Directors and the Group Executive Committee. Mr Cornell is currently the Executive Vice President: International Operations, and a member of the Group Executive Committee.
Nqwababa has an honours degree in accounting from the University of Zimbabwe and qualified as a chartered accountant in 1991, after training with PricewaterhouseCoopers. He also obtained a Masters degree in Business Administration from the Universities of Manchester and Wales, Bangor in 1999.
Dr Mandla Gantsho, Chairman of Sasol Limited's Board of Directors, said, "Sasol's succession plan for the President and CEO, which enabled the consideration of internal and external candidates in South Africa and globally, has informed the Board's well-considered decision to appoint Steve and Bongani as Joint-CEOs. They have complementary skills, experience, qualifications and backgrounds, and, together, they will form a formidable team to take this large and complex company to the next level of performance and success. Their complementary attributes are well-suited to drive Sasol's growth programme while maintaining momentum for the sustainable repositioning of the Company to respond decisively to the challenging energy landscape."
The Board of Directors of Sasol Limited has also appointed Paul Victor as Chief Financial Officer and Executive Director, with effect from 1 July 2016. Mr Victor is currently Senior Vice President: Financial Control Services at Sasol, and served as acting Chief Financial Officer from 10 September 2013 to 28 February 2015.
Dr Gantsho added, "I would like to wish Steve, Bongani and Paul well with their appointments, and, on behalf of the Board of Directors of Sasol Limited, to welcome Steve and Paul onto the Board of Directors of Sasol Limited".
Nqwababa served as the Chief Financial Officer, Finance Director and Executive Director of Anglo American Platinum Limited from January 1, 2009 to March 1, 2015. He served as the Acting Chief Executive Officer of Anglo American Platinum Limited since July 2012 until September 1, 2012 and Executive Director of Finance. He served as the Finance Director of Eskom Holdings SOC Limited from September 2004 to September 2008. He served as Treasurer and Chief Financial Officer of Shell Southern Africa and also worked in the Treasury Departments of Fortis Bank in the Netherlands and FBC Fidelity Bank in South Africa.
Nqwababa's past experience includes roles as Head of Foreign Exchange at Fidelity Investment Bank and as an Audit Manager at Pricewaterhouse (South Africa). He served as the Chairman of Eskom Finance Company, Escap. He has been an Executive Director of Anglo Platinum Ltd. since January 1, 2009. Mr. Nqwababa served as an Independent Non-executive Director at Old Mutual plc from April 1, 2007 to January 6, 2014. He has brought nearly a decade of experience and leadership in financial management gained in the oil industry and at the national electricity supplier. He serves as a Director of Eskom Enterprises, Rotek Industries and Rosherville Properties, Roshcon. He served as an Independent Non-Executive Director of Sasol Ltd. from December 5, 2013 to September 26, 2014. He served as a Director of Eskom Holdings SOC Limited since September 2004.
Source - Byo24News
