Lessons from Std Bank? Sasol to appoint joint CEOs – Nqwababa & Cornell

Sasol media release

Johannesburg, South Africa – Today, the Sasol Limited Board of Directors announced the appointment of Bongani Nqwababa and Stephen Russell Cornell as Joint-President and Chief Executive Officers (“Joint-CEOs”) 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.

David Constable is stepping down as CEO of Sasol.
David Constable won’t extend his contract as CEO of 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.

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.’

Read also: Sasol cuts annual dividend 15% after profits fall on lower oil prices

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”.

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