Denel's Talib Sadik appointed interim CFO at Adcorp | Fin24
 
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Denel's Talib Sadik appointed interim CFO at Adcorp

Nov 18 2019 20:35
Marelise van der Merwe

Recruitment group Adcorp [JSE:ADR] has appointed Talib Sadik as interim chief financial officer with immediate effect, to enable interim CEO Cheryl-Jane Kujenga to focus on her role as interim chief executive, the company said in a statement on Monday.

Sadik is a Denel board member and audit committee chair. He previously held executive positions at De Beers group services and Basil Read.

In October, Adcorp said it had seen a 10% drop in revenue year-on-year, and R447m in net losses, amid poor trading conditions in South Africa and extreme weather conditions in Australia that hurt its earnings.

It recently saw the resignation of its CEO, Innocent Dutiro. Kujenga - the former CFO - stepped in as interim CEO.

* Correction: The headline of the article previously said Sadik was appointed the group's interim new CEO. He has been appointed as interim CFO. 

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