SASOL yesterday named Hanré Rossouw, the chief financial officer (CFO) of Royal Bafokeng Platinum (RBPlat), as its CFO designate following the resignation of Paul Victor, who has served the company for 20 years.
Sasol said yesterday that Victor would step down at the end of June next year.
He had agreed to remain with Sasol until the publication of the group’s financial results for the year to the end of June 2022, allowing for a six-month structured handover.
Sasol said Rossouw had been RBPlat’s CFO since October 2018, where he was responsible for the restructuring of the balance sheet through the refinancing of debt and a rights issue, the introduction of a new capital allocation framework and a new dividend policy.
Sasol chairperson Sipho Nkosi said Rossouw’s experience would take the company forward.
“The board is pleased to have appointed Hanré as Sasol’s next CFO and is looking forward to welcoming him as a member of the board. His background and experience will benefit Sasol in meeting our business opportunities and challenges,” said Nkosi.
Rossouw, a former portfolio manager at Investec Asset Management and previously the CFO of Xstrata Alloys, is scheduled to succeed Victor as CFO and executive director on July 1 next year.
RBPlat said Rossouw would leave the company in April next year, and the board had commenced a formal process to identify a successor.
RBPlat’s chief executive, Steve Phiri, said Rossouw had made a valuable contribution since joining the company in 2018.
“He has been a catalyst for transformation in our business, with milestones including the completion of the purchase of the 33 percent share of Rustenburg Platinum Mines Limited,
a subsidiary of Anglo American Platinum Limited, in our business, successful commercial production of Styldrift, the conclusion of the gold streaming agreement, as well as the payment of our maiden dividend,” said Phiri.
RBPlats, which made its debut on the JSE 10 years ago as the first community company to do so, rewarded shareholders with a maiden R1.5 billion dividend during the 12 months to the end of December last year after generating significant cash flows.
Victor has served as Sasol’s CFO since 2016 and previously served as CFO for Sasol Synfuels for a decade – a position he held until 2011, when he was appointed to head financial governance and reporting.
“On behalf of the board, I would like to thank Paul for his substantial contribution and exemplary leadership over the past 21 years at Sasol. We will pay tribute to him nearer to the date of his departure next year,” Nkosi said.
Victor was instrumental in restructuring Sasol’s balance sheet following the oil price’s collapse to record lows when restrictions to curb the spread of the Covid-19 pandemic were implemented last March.
An analyst, who spoke on condition of anonymity, said Sasol had just been through a massive balance sheet restructuring to make the business more sustainable. “The CFO plays a central role in this. It is still early days, but it looks like the restructuring was a success,” he said.
Sasol’s shares closed 3.05 percent higher at R224.66 on the JSE yesterday.
dineo.fdaku@inl.co.za
BUSINESS REPORT