Share

Sasol launches global search for new CEO

Johannesburg - Sasol's [JSE:SOL] search for CEO David Constable’s replacement has almost been concluded, chairperson Mandla Gantsho told shareholders at the company's annual general meeting in Johannesburg on Friday.

Sasol earlier this year announced that Constable had decided not to renew his contract when it expires in May next year. He has been at the helm of the company since 2011. He will, however, stay on as a consultant for the 2017 financial year after he and the company agreed on a special advisory services agreement.  

READ: Sasol’s CEO to step down in 2016

Responding to a shareholder’s question about Constable’s imminent departure, Gantsho said when Constable informed the company of his intention to leave next year, Sasol activated its succession plan, hence the appointment of global executive search and leadership consulting firm Spencer & Stuart to conduct the search for a replacement.

Gantsho said the appointment could be made as early as February next year if the company goes for an internal candidate. Recruiting an external candidate would take longer, he said.

Asked if the company will appoint another expatriate “with a R50m salary”, Gantsho was non-committal. He said the company would consider internal and external candidates, and that it will appoint the best candidate for the job. “We should act in the best interests of the company,” Gantsho said.

Constable’s package has been a thorny subject since he took over, with some shareholders suggesting it was excessive. A few months after joining the company, the Sasol board had to explain how Constable qualified for an R828 000 bonus after one month in office. Gantsho on Friday said the company believes its executives are remunerated for the value they add. Constable, a Canadian, is a former president of operations at Fluor Corporation.

Gantsho said Sasol has decided to retain Constable’s services for his role in the company’s major projects in the US. Sasol is currently pursuing growth opportunities in North America and southern Africa. Its mega projects include a world-scale petrochemicals complex in Louisiana, US. That $8bn project includes six chemical manufacturing plants and an ethane cracker plant that will produce 1.5 million tons of ethylene a year.

Sasol shares traded 0.85% down just after 14:00 at R387.78.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
19.03
-0.7%
Rand - Pound
24.01
-0.5%
Rand - Euro
20.54
-0.3%
Rand - Aus dollar
12.36
-0.0%
Rand - Yen
0.13
-0.6%
Platinum
900.50
+0.4%
Palladium
1,002.25
+0.1%
Gold
2,209.77
+0.7%
Silver
24.53
-0.5%
Brent Crude
86.09
-0.2%
Top 40
68,080
+0.6%
All Share
74,278
+0.5%
Resource 10
56,967
+2.4%
Industrial 25
103,572
+0.3%
Financial 15
16,456
-0.4%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders