Crude Oil ( ) Brent Crude ( ) Natural Gas ( ) S&P 500 ( ) PHLX Oil ( )
 December 11, 2015 - 8:44 AM EST
Print Email Article Font Down Font Up
Sasol to Appoint Joint-Chief Executive Officers With Effect From 1 July 2016

JOHANNESBURG, December 11, 2015 /PRNewswire/ --

Today, the Sasol Limited Board of Directors announced the appointment of Bongani Nqwababa and Stephen Russell Cornell as Joint-Presidents and Chief Executive Officers ("Joint-CEOs") of the Company, with effect from 1 July 2016, the beginning of the Company's next financial year. This follows the announcement on 8 June 2015 that David Constable, the President and CEO, had decided not to extend his contract with Sasol beyond 30 June 2016.

Mr Nqwababa is currently Chief Financial Officer of Sasol, and a member of the Sasol Limited Board of Directors and the Group Executive Committee. Mr Cornell is currently the Executive Vice President: International Operations, and a member of the Group Executive Committee.

Dr Mandla Gantsho, Chairman of Sasol Limited's Board of Directors, said, "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. 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. Their complementary attributes are well-suited to drive Sasol's growth programme while maintaining momentum for the sustainable repositioning of the Company to respond decisively to the challenging energy landscape."

Dr Gantsho added, "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."

The Board of Directors of Sasol Limited has also appointed Paul Victor as Chief Financial Officer and Executive Director, with effect from 1 July 2016. Mr Victor is currently Senior Vice President: Financial Control Services at Sasol, and served as acting Chief Financial Officer from 10 September 2013 to 28 February 2015.

Dr Gantsho added, "I would like to wish Steve, Bongani and Paul well with their appointments, and, on behalf of the Board of Directors of Sasol Limited, to welcome Steve and Paul onto the Board of Directors of Sasol Limited".

Forward-looking statements: Sasol may, in this document, make certain statements that are not historical facts and relate to analyses and other information which are based on forecasts of future results and estimates of amounts not yet determinable. These statements may also relate to our future prospects, developments and business strategies. Examples of such forward-looking statements include, but are not limited to, statements regarding exchange rate fluctuations, volume growth, increases in market share, total shareholder return and cost reductions. Words such as "believe", "anticipate", "expect", "intend", "seek", "will", "plan", "could", "may", "endeavour" and "project" and similar expressions are intended to identify such forward-looking statements, but are not the exclusive means of identifying such statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and there are risks that the predictions, forecasts, projections and other forward-looking statements will not be achieved. If one or more of these risks materialise, or should underlying assumptions prove incorrect, our actual results may differ materially from those anticipated. You should understand that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors are discussed more fully in our most recent annual report under the Securities Exchange Act of 1934 on Form 20-F filed on 09 October 2015 and in other filings with the United States Securities and Exchange Commission. The list of factors discussed therein is not exhaustive; when relying on forward-looking statements to make investment decisions, you should carefully consider both these factors and other uncertainties and events. Forward-looking statements apply only as of the date on which they are made, and we do not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise.

About Sasol:

Sasol is an international integrated chemicals and energy company that leverages the talent and expertise of about 31 000 people working in 37 countries. We develop and commercialise technologies, and build and operate world-scale facilities to produce a range of high-value product streams, including liquid fuels, chemicals and low-carbon electricity.

Issued by:
Cavan Hill, Senior Vice President: Investor Relations
Direct telephone: +27-(0)-11-441-3113; Mobile +27-(0)-82-651-4639;

SOURCE Sasol Limited

Source: PR Newswire (December 11, 2015 - 8:44 AM EST)

News by QuoteMedia