KAL Group has appointed Mantsho Barbara Makhubedu and Anton Fuchs as independent non-executive directors, effective 7 October 2026. The JSE-listed agricultural, retail and fuel group runs Agrimark and the PEG fuel and convenience network.
Makhubedu, a chartered accountant, has also joined the board’s audit and risk committee. She brings more than 25 years of financial and commercial leadership, including more than 15 years in the fuel sector in South Africa and the Netherlands. Fuchs brings nearly 25 years of experience across private equity, agriculture, logistics and fresh produce.
The appointments come seven months into a leadership change at the Paarl-based group. Johann le Roux took over as chief executive on 1 March 2026 after Sean Walsh retired. Walsh led the group for almost 15 years, and Le Roux had been a non-executive director since April 2014. His move from the board into management means the board loses a long-serving non-executive member.
| KAL Group at a glance | Detail |
|---|---|
| Revenue, six months to March 2026 | R11.36bn (up 5%) |
| Gross profit | R1.81bn (up 8.8%) |
| Headline EBITDA | R599.7m (up 7.7%) |
| Recurring HEPS | Up 15.1% |
| Interim dividend | 70c per share (up 25%) |
| Debt-to-equity ratio | 32.9% (from 48.4%) |
| Group fuel volumes | Up 6.7% |
| Operating points | More than 270 in South Africa and Namibia |
Makhubedu’s most senior fuel-sector role was chief financial officer and executive director of Shell’s integrated downstream business in South Africa. She later served as chief financial officer of Liberty Two Degrees, the retail property group that owns stakes in malls such as Sandton City. Liberty Group bought out the minority shareholders, and the company delisted from the JSE in November 2023. Her work there covered financial reporting, treasury, tax, acquisitions and divestments. She also holds a postgraduate higher diploma in taxation from the University of Cape Town.
Her fuel background matches a growing part of KAL’s business. In the six months to 31 March 2026, PEG’s profit before tax rose 49.2% as fuel volumes grew 7% and retail revenue increased 5.6%. Average fuel prices were 3% lower over the period. The group added two fuel sites and spent R38.5m of its R112.8m capital budget on the two PEG acquisitions.
Fuchs spent almost a decade as chief operating officer of Arch Equity, later renamed Thembeka Capital. He then spent 12 years at Capespan Group, the fruit export and logistics business, including eight as group CEO. He holds BCom Law and LLB degrees from Stellenbosch University. His experience fits Agrimark, which supplies farmers with inputs and mechanisation. Agrimark’s revenue rose 6.3% in the half year, and its grain division took in 14% more wheat.
The new directors join as KAL carries out its five-year FY30 strategy, which the board approved for growth and higher shareholder returns. The group has cut net interest-bearing debt by R453.8m and settled R239.8m in term debt over the past year. Overdue debtor accounts fell from 11.5% to 8.6%. Management has said higher fuel prices, inflation and possible interest rate rises are not expected to have a significant effect on the group in the short to medium term. It expects fuel volumes to remain under pressure.