/ 15 April 2005

Shaun Liebenberg to take over Denel from end of May

Grintek chief executive officer Shaun Liebenberg will take over from Victor Moche as CEO of Denel, the state-owned military equipment manufacturing company, as from “the end of May”, Public Enterprises Minister Alec Erwin announced on Friday.

“The task now facing us is to turn Denel’s fortunes around. Mr Moche has led a process of restructuring in Denel that now has to be taken further and more focus engendered. There is agreement that this will best be done by handing the change baton to a new CEO.

“Accordingly, after a tough and successful stay at Denel, Mr Moche will hand over to Mr Shaun Liebenberg at the end of May,” said Erwin.

“The last week has seen much speculation on this move, based on the inevitable sources. I have labelled this as speculation with just cause since as I indicated at the outset, process and individuals have to be respected. The speculation was clearly from self-serving sources and does not credit those sources or the reporters involved.

“The fact of the matter is that a sensible business decision has been made based on the position in front of the board and the shareholder,” said Erwin, in his Budget vote in Parliament on Friday morning. – I-Net Bridge