Sasol to appoint joint CEOs, presidents in 2016

Sasol on Friday announced the appointment of Bongani Nqwababa and Stephen Russell Cornell as joint presidents and CEOs of the Company, with effect from July 1, 2016.

July 1 marks the beginning of the South Africa-based energy company's next financial year. 

This follows the announcement on June 8, 2015, that current CEO David Constable had decided not to extend his contract with Sasol beyond June 30, 2016.

Mr. Nqwababa is currently chief financial officer of Sasol, and a member of the Sasol board of directors and the group executive committee. Meanwhile, Mr. Cornell is currently Sasol's executive vice president of international operations, and a member of the group executive committee.

"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," said Dr. Mandla Gantsho, chairman of Sasol's board of directors. 

"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," Dr. Gantsho continued. "Their complementary attributes are well-suited to drive Sasol's growth program while maintaining momentum for the sustainable repositioning of the company to respond decisively to the challenging energy landscape.

"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."

Sasol's board has also appointed Paul Victor as chief financial officer and executive director, with effect from July 1, 2016. Mr. Victor is currently senior vice president for financial control services at Sasol, and served as acting chief financial officer from September 10, 2013, to February 28, 2015.

"I would like to wish Steve, Bongani and Paul well with their appointments, and, on behalf of the board of directors of Sasol, to welcome Steve and Paul onto the board of directors," Dr. Gantsho said.