position in a growing international chemicals market.
However, it is a matter of profound regret for the Board that shortcomings in the
execution of the LCCP have negatively impacted our overall reputation, led to a
serious erosion of confidence in the leadership of the Company and weakened the
Company financially. Sadly, the LCCP challenges have tarnished the entire
Company, which has world-class assets and teams that have delivered a
consistently strong performance.
The Board has resolved to ensure that the Company lives its values and to ensure
that there is a culture of accountability and consequence management. It is also the
judgement of the Board that, for trust to be restored in the Company, a leadership
reset is required.
It is in this light that Mr Bongani Nqwababa and Mr Stephen Cornell, Joint CEOs,
have agreed to an amicable mutual separation with the Company. Effective
31 October 2019, Bongani and Stephen will step down as Joint CEOs, and as executive
directors of Sasol and its subsidiaries. To be clear, the Board has neither identified
misconduct nor incompetence on the part of the Joint CEOs.
The Board has appointed Mr Fleetwood Grobler, EVP: Chemicals, to assume the
role of President and CEO and as an executive director, with effect of 1 November 2019.
Dr Mandla Gantsho, Chairman of Sasol, said: “I would like to thank Bongani and
Stephen for their long and loyal service to Sasol, and for showing exemplary
leadership by putting the interests of the Company first in agreeing to step down to
allow for a leadership reset.”
Dr Gantsho added: “With Fleetwood assuming the role of President and CEO, Mr
Brad Griffith, currently Senior Vice President: Performance Chemicals, has been
appointed as EVP: Chemicals with effect from 1 November 2019. Fleetwood will
retain oversight responsibility over the final stages of LCCP, with the SVP currently
responsible for the construction of the remaining units of the LCCP continuing to
report to him.”
Dr Gantsho also remarked: “With the Board Review completed, and key remedial
actions already implemented or underway, Sasol is now focused on restoring trust
and ensuring that it delivers value for all its stakeholders.”
He concluded: “Sasol remains rooted in our South African heritage, and we are
determined to transition towards a fully-fledged integrated international chemicals
and energy company. With his background in both Synfuels and Chemicals business
for over 35 years, Fleetwood enjoys the full confidence of the Board and is uniquely
placed to lead the Company in the next phase of its value-based growth.”
28 October 2019