Denel CEO quits with immediate effect
The group CEO of Denel has resigned with immediate effect, the state-owned company said on Tuesday.
Zwelakhe Ntshepe has been with the company for 20 years, and was appointed into the Group CEO position six months ago, following a two-year-acting period.
Denel’s board of directors says it has accepted Ntshepe’s resignation. In his resignation letter Ntshepe cited personal reasons for leaving the company.
The Denel board has appointed CEO of aeronautics Michael Kgobe as acting group CEO in the interim.
Denel has been facing financial problems and in 2017 admitted it was experiencing severe liquidity constraints, resulting in the delayed payment of workers’ salaries. It was also battling to pay suppliers.
In April this year, Public Enterprises Minister Pravin Gordhan appointed an interim board of directors at the aerospace and defence technology conglomerate, in a bid to restore good governance.
“The Denel Board of Directors has accepted the resignation of the group’s Chief Executive Officer, Zwelakhe Ntshepe, with effect from today,” the statement read.