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Sasol [JSE:SOL] announced on Thursday that its chairperson Dr Mandla Gantsho will step down after the company's annual general meeting in November.
Gantsho is set to be replaced by Sipho Nkosi, the former CEO of Exxaro Resources.
The energy and chemicals company said Nkosi will join the group's board on May 1 as independent non-executive chairman designate, to succeed Gantsho at the conclusion of the AGM.
"I am pleased to hand over the reins to a person of Sipho’s calibre and I am confident that he will provide the necessary direction and leadership in an exciting chapter of Sasol’s history. He will continue to be supported by a strong Board comprised of a diversity of skills and experience," Gantsho said in a statement.
Board member JJ Njeke, an independent non-executive director at Sasol, said Gantsho would leave behind a company that was "well positioned to deliver shareholder value"
"Mandla has led Sasol through up and down global and local economic cycles as well as the execution of large capital projects that have faced challenges while clearly presenting strategic opportunities for the Company’s growth," said Njeke.
Njeke will also be stepping down as a director of Sasol at the AGM.
