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Barloworld chairperson Neo Dongwana is stepping down after just a year in the position, citing the shareholder vote against her remuneration at the industrial company’s annual general meeting earlier this month.
In a note to shareholders on Thursday, Barloworld said Dongwana had decided to at the end of her tenure in May despite having the option to extend her it for another three years because she believed that was the right decision.
At the recent AGM, Dongwana narrowly missed the required 75% needed to secure approval for her fees.
Dongwana served on the board since 2012 and became chairperson in February 2020, following in the footsteps of Dumisa Ntsebeza. She was the first woman to take up the position in more than a century of the company's history.
She also served on the nomination committee, strategy and investment committee, remuneration committee, and the social, ethics and transformation committee.
Barloworld’s newly appointed lead independent director, Neo Mokhesi, thanked Dongwana for the role she had played at Barloworld.
“She has been instrumental in setting Barloworld’s vision, guiding management to evolve the group into a global business with a diverse and inclusive workforce,” Mokhesi said in the note.
The company said it would release the details of Dongwana’s retirement date once it has been determined.
