Transnet chairman to take on executive responsibilities
The Board of Directors of Transnet Limited wishes to announce that Mr. Mafika Mkwanazi has been tasked with the additional responsibility of assuming the group chief executive function with effect from December 16, 2010. He assumes all the responsibilities of the GCE role until the company finds a permanent candidate.
As chairman, finding a suitable candidate for the vacant position of group chief executive will be one of Mr. Mkwanazi's main responsibilities, after which he will return to his normal role. To that effect, the Board has appointed a Corporate Governance and Nominations Committee to run the process of appointing a GCE.
The current acting GCE, Mr. Chris Wells, who had resigned from the company with effect from March 31 2011, has been at the helm since March 2009. He had joined Transnet as chief financial officer in 2005.
Mr. Wells had indicated to the Board that he did not wish to be considered for a permanent role. In addition, Mr. Wells' resignation included a proviso that he would stand down from his current position as soon as an alternative was appointed - if prior to March 31 2011. Accordingly, Mr. Wells will relinquish the GCE position with immediate effect but will remain with the company until the end of the financial year to assist Mr. Mkwanazi with the handover and other matters to be agreed upon.
Commenting on Mr. Wells' tenure as acting GCE at Transnet, Mr. Mkwanazi says: "We wish to thank Mr. Wells for the sterling role he has played in keeping the business together over the last couple of years as acting group chief executive. He leaves in place a strong team led by capable executives, and a financially stable company. He has also played a significant role in Transnet maintaining an unprecedented capital investment programme for several years."
Mr. Mkwanazi adds that these achievements provide an excellent platform for Transnet to deliver on its mandate of creating and managing an efficient and productive logistics network in line with South Africa's New Growth Plan.
Commented Mr Wells. "I thoroughly enjoyed my stay and responsibilities at Transnet and it was a great pleasure to have an opportunity to contribute to both the company and the country. I am still available to assist whenever I am needed. Finally, I wish the Board and my colleagues all the best in future."
Statement issued by Mboniso Sigonyela on behalf of the Transnet Board of Directors, December 15 2010
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