Grindrod has announced that its CEO, Xolani Mbambo, will step down at the close of 2025. Mbambo, who took the reins in January 2023, has been part of the freight and logistics group since 2013, previously serving as CEO of Grindrod Freight Services. His earlier career includes a stint at Anglo American.
During his tenure, Mbambo led several key strategic moves, including the disposal of non-core assets and the extension of critical terminal concessions at Mozambique’s Ports of Maputo and Matola. He also spearheaded Grindrod’s entry into quayside container handling at Richards Bay port under a 25-year concession.
Despite these milestones, Grindrod has faced significant headwinds. Headline earnings for the year ended December 2024 plunged 69%, weighed down by unrest in Mozambique, severe flooding in KwaZulu-Natal, and subdued commodity prices. The group’s share price has declined 8% year-on-year.
Valued at nearly R10 billion on the JSE, Grindrod operates in over 20 countries and holds a 25% stake in the Maputo Port Development Company. Its operations span warehousing, distribution, container depots, and transport services, with facilities located in major cities including Johannesburg, Cape Town, Gqeberha, and Durban.
In a statement, the company noted: “In light of these achievements, Xolani has decided to pursue the next chapter of his career.” Grindrod has commenced the search for his successor.