New CEO, CFO for Denel | Fin24

New CEO, CFO for Denel

Oct 26 2017 15:07

Cape Town - Zwelakhe Ntshepe has been appointed as the new group CEO of state-arms company Denel, the Department of Public Enterprises announced on Thursday.

Odwa Mhlwana is the new group chief financial officer.

Ntshepe joined Denel 21 years ago and prior to acting as group CEO he was the Denel group executive responsible for business development and corporate affairs.

According to the department, while Ntshepe was the acting group CEO, the order book grew to over R35bn. The company revenue also grew from about R3.5bn in 2012 to more than R8bn in the previous financial year. Export operations grew by more than 60%.

Mhlwana is a qualified chartered accountant and served as group financial director of Denel's subsidiary Denel Vehicle Systems (DVS) - then known as Land Systems Africa (LSSA) - in the past.

Denel announced in August that it was ending its joint venture with Gupta-linked VR Laser given the negative attention the brand suffered, locally and internationally.

Other appointments announced by the department are Tsepo Monaheng as new CEO of the state-owned forestry company SAFCOL and Lemogang Pitsoe as new CEO and Adila Chowan as new CFO of mining company Alexkor. 

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