Transnet Statement on the resignation of Mr Chris Wells as Acting Group Chief Executive
On behalf of the Board of Transnet Limited, I wish to advise that Mr Chris Wells, the acting group chief executive, has decided to relinquish his position with effect from 31 March 2011. Mr Wells joined Transnet as Chief Financial Officer in January 2005. In March 2009 the Board, with the support of Transnet's only shareholder, the State, asked him to take the reins as acting group chief executive following the departure of Ms Maria Ramos, then chief executive.
Thankfully, Mr Wells, who had previously indicated that he did not wish to be considered for permanent appointment, was able to put his career on hold and take charge, assembling a team of capable professionals around him.
Mr Wells has advised the Board that should a permanent chief executive be appointed and able to take up the position before his desired date of departure, he would be willing to step down earlier. This, we believe, will give the Board the time and flexibility to proceed with appointing a successor. This decision was finalized and shared with relevant stakeholders a week ago.
He will make an announcement about his future at an appropriate time.
Mr Wells' leadership and commitment to the company, far beyond what might have been anticipated, have been profoundly beneficial to Transnet. The publication of the pleasing half-year results a few days ago bears testimony to his clear direction and focus on improving operational performance - an indication of the success of the Quantum Leap strategy he initiated over a year ago. Despite being in an acting position for a considerable period of time, Mr Wells has not hesitated to act decisively - both with regard to determining strategy and in providing hands-on management
During his tenure as CFO, Mr Wells was responsible for the financial aspects of both the turnaround and growth strategy which entailed, among others, the strengthening and strategic management of the balance sheet as well as strengthening the internal control environment.
He will leave in place a strong executive team, well equipped to support his successor. The Board records its heartfelt appreciation for all he has done in leading the company with such ability and integrity and its gratitude for his willingness to continue until the completion of the current financial year.
Statement issued by Mboniso Sigonyela on behalf of Prof Geoff Everingham, acting Chairman of the Transnet Board of Directors, November 1 2010
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