Bongani Nqwababa and Stephen Russell Cornell have been appointed as Sasol Ltd.’s joint presidents and CEO’s, effective July 1, 2016, the company's board of directors said in a news release.
This follows the announcement on June 8, 2015, that David Constable, president and CEO, had decided not to extend his contract with Sasol beyond June 30, 2016.
Nqwababa is currently Sasol’s CFO and a member of the company’s board of directors and the group executive committee. Cornell is currently the executive vice president of international operations and a member of the group executive committee, the release said..
“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,” said Mandla Gantsho, chairman of Sasol’s board of directors. “Their complementary attributes are well-suited to drive Sasol’s growth program while maintaining momentum for the sustainable repositioning of the ompany to respond decisively to the challenging energy landscape.”
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 company’s board also appointed Paul Victor as CFO and executive director, effective July 1, 2016, according to the release. He currently serves as senior vice president of financial control services at Sasol. He served as acting CFO from Sept. 10, 2013, to Feb. 28, 2015.