Johannesburg - Sasol has appointed Bongani Nqwababa and Stephen Russell Cornell as Joint-President and Chief Executive Officers, with effect from 1 July next year, the beginning of the company's next financial year.
This follows the announcement in June this year that current CEO David Constable had decided not to extend his contract with Sasol beyond end of June next year.
Nqwababa is currently Chief Financial Officer of Sasol, while Cornell is currently the Executive Vice President: International Operations. Both are members of the company's Group Executive Committee.
Sasol Mandla Gantsho 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.’
Gantsho said Nqwababa and Cornell 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.”
Sasol has also appointed Paul Victor as Chief Financial Officer and Executive Director, with effect from 1 July next year.
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.
"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," Gantsho said.