Denel CEO resigns, interim chief to be appointed soon

Denel's G5 155mm 52 Calibre Artillery Gun.
Denel's G5 155mm 52 Calibre Artillery Gun.

Struggling state-owned arms manufacturer Denel has announced that its CEO Danie du Toit has resigned.

In a statement, Denel said Du Toit will continue to render his services until August 15. An interim group CEO would be appointed "shortly". Du Toit was in the post for under two years, having joined Denel at the start of 2019 from SAAB Medav Technologies in Germany. 

"Denel remains an innovative defence, security and related technology solutions company, providing solutions of defence, security and related technologies, to clients both domestic and international," Denel said in a statement. 

"The turnaround plan is focusing on protecting promising business lines, disposing of non-core assets, and seeking strategic partners to increase access to international markets, contribute skills and funding to a profitable Denel."

In August last year, National Treasury granted the state arms manufacturer a R1.8 billion lifeline, which the company said would aid in its turnaround plan.  

In February, it announced that its exit from its Aerostructures Manufacturing Business was at an advanced stage and that "major steps" had been taken to minimise the impact on jobs. 

In November last year, meanwhile a Denel delegation told Parliament that courts in Hong Kong had approved the provisional liquidation of Denel Asia, the company which entered into an ill-fated joint venture with the Gupta-linked VR Laser.

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