ArcelorMittal boss Nonkululeko Nyembezi-Heita will replace Humphrey Borkum in 2014, the Johannesburg Stock Exchange has said.
The JSE, the operator of Africa's largest stock and bond markets, appointed Nonkululeko Nyembezi-Heita to replace Humphrey Borkum, who is retiring as chairperson after the company's next annual general meeting.
Borkum, who served in the post since 2002, will step down after the meeting, the date of which will be announced on March 11, the bourse said in a statement on Tuesday.
Nyembezi-Heita will quit as chief executive officer of ArcelorMittal South Africa on February 18, after heading the continent’s largest steelmaker for six years, the Johannesburg-based company said on Monday.
"Humphrey's role in the evolution of the JSE business over the decades in our industry has been immense," JSE chief executive Nicky Newton-King said in the bourse’s statement.
Nyembezi-Heita, who joined the exchange's board in June 2009, will start the day after the annual general meeting.
The JSE's stock has gained 14% this year, matching the advance in the benchmark 165-member FTSE/JSE Africa All- Share Index, giving the company a market value of R7.7-billion. – Bloomberg.