News

Denel appoints Daniel du Toit as new CEO

Joint media statement

Cabinet has approved the appointment of Mr Daniel du Toit as the new Group Chief Executive Officer for Denel.

Mr Du Toit brings with him a wealth of experience in the defence and manufacturing sectors and a solid career track record that will be of value to the Denel group.

This year, the Denel Board’s first endeavours were to stabilise the company’s management and to appoint a permanent group CEO with the kind of industry experience Mr du Toit commands.

He will be able to build on the turnaround strategy for Denel that was introduced earlier this year.

Also read: Denel CEO Zwelakhe Ntshepe quits as questions swirl over bursary to Supra’s son

“We look forward to working with Mr du Toit to provide direction to Denel and its divisions, in line with the company’s vision, core values and strategic drivers,” said Ms Monhla Hlahla, Denel Board Chairman.

“Together, the Board and management will continue with the implementation of solid initiatives to strengthen governance, inject liquidity and restore the company’s reputation and credibility.”

An external candidate Mr Du Toit, otherwise known as “Danie”, will be critical in strengthening the executive management capacity of the company. Du Toit has a Masters Bachelor of Commerce and has completed the Executive Development Programme from Gibbs.

He joins Denel having recently vacated a Managing Director position at SAAB Medav Technologies in Germany. He has held various executive positions at SAAB and Altech Multimedia.

Also read: Denel stands naked on the battleground – PIC battalion called up

“The reputational damage Denel suffered over the past two years had led to a loss of confidence from stakeholders, including the banking and investment community, who in turn, were unwilling to extend credit facilities to the company. The turnaround is meant to arrest the current decline in the company’s performance, inculcate a culture of sound corporate governance that is underpinned by ethical values and integrity – including instituting sound internal controls – and to restore the company’s position as a strategic national asset and industry leader,” Ms Hlahla said.

READ  This is not a repeat of 1987, but it’s still dangerous times for markets – Nigel Dunn

“Denel shares the Government’s commitment to contribute to the broader socio-economic upliftment of society especially in the fields of job creation, poverty alleviation, enterprise development and the growth of our technology skills base. We will continue to work with our stakeholders to ensure these objectives are being achieved. Our immediate priority is for the company to return to profitability and operational sustainability.”

Also read: Denel’s popgun performance sees another SOE CFO suspended

Mr du Toit is expected to assume duty on 14 January 2019.

The Denel Board, working with the Department of Public Enterprises and the National Treasury, is committed to ensure that the turnaround plan will set the group on a trajectory of sustainable growth.

The plan, in part, includes exploring joint venture partnerships at product and divisional levels for increased export market access.

Plans to turn around the company is further supported by the Department of Defence (DoD). It is essential to ensure that critical sovereign assets, intellectual property and critical skills that reside within Denel, in support of national security are retained.

Source: biznews.com

Visited 124 times