Sasol CEO David Constable calls it quits, won’t renew his contract

From the Stock Exchange News Service:

David Constable SEO SasolSasol today announced President and CEO David Constable has decided not to extend his contract of employment with the Company, which expires on 31 May 2016.

With the board’s support, Mr Constable initiated an extensive business performance enhancement programme, and drove the Company’s growth ambitions in Southern Africa and North America. To support Sasol’s mega-projects, the board has agreed that a special advisory services agreement be entered into with Mr Constable for the 2017 financial year.

“When David was appointed in 2011, he prioritised a reduction in organisational complexity and drove an ambitious growth programme. Coupled with global socio-economic challenges, we required a leader with a long-term view to ensure the Company’s sustained competitive advantage,” said Dr Mandla Gantsho, Sasol’s Chairman.

Dr Gantsho added: “The board has a detailed succession plan and structured process in place for the position of the President and CEO of the Company. With twelve months at our disposal, I’m confident that the groundwork we initiated some time ago will enable the board to identify and appoint an accomplished leader who is best-suited to take Sasol to the next level. Further announcements in this regard will follow in the new financial year.”

Constable said: “Looking back, I could never have imagined that my time at Sasol would pass so quickly and be filled with so many exciting milestones. It has been an extraordinary experience working with a supportive board, a dedicated management team, and committed colleagues and partners. I am very proud of the progress we have made together towards our goal of ensuring Sasol’s long-term sustainability and success. As I close out the final twelve months of my tenure, I look forward to driving the Company’s 2016 financial year priorities, as we embed the group-wide change programme we embarked upon four years ago.”