Sasol president and CEO David Constable has decided not to extend his contract of employment with the company, which expires on May 31, 2016, for a further term beyond June 30, 2016 – the company’s financial year-end. Sasol’s board says it has a “detailed” succession plan and structured process in place for the position of the president and CEO of Africa’s largest homegrown publicly listed company.
“When David was appointed in 2011, he prioritised a reduction in organisational complexity and drove an ambitious growth programme. Coupled with global socio-economic challenges, we required a leader with a long-term view to ensure the Company´s sustained competitive advantage,” says Mandla Gantsho, chairman of Sasol´s board of directors With the board´s support, Mr. Constable initiated an extensive business performance enhancement programme, and drove the Company´s growth ambitions in Southern Africa and North America.
To support Sasol´s mega-projects, the board has agreed that a special advisory services agreement be entered into with Mr Constable for the 2017 financial year.
Gantsho adds in a press statement that with twelve months at the board’s disposal, “ I´m confident that the groundwork we initiated some time ago will enable the board to identify and appoint an accomplished leader who is best-suited to take Sasol to the next level. Further announcements in this regard will follow in the new financial year.”