Sipho Nkosi, the former board chair of Sasol, has stepped down from his position to prevent potential conflicts of interest between his business ventures and the interests of the company.
- The resignation of Nkosi, who joined the Sasol board in 2019, became effective on November 10, 2023.
- Nkosi, a prominent figure in the South African resources industry, served as the CEO of Exxaro Resources from 2006 to 2016.
- Concerned about a perceived conflict of interest, Nkosi decided to resign despite believing that he could comply with the conflict of interest requirements imposed by the Companies Act and the company itself.
- Stephen Westwell, a current non-executive and lead independent director, has been elected as the interim chair of Sasol’s board until a permanent successor is nominated by the Nomination and Governance Committee.
- Sasol’s board acknowledges Nkosi’s leadership in shaping the future strategy of the company and expresses gratitude for his dedication during his tenure as board chair.
- Nkosi’s resignation comes amid ongoing discussions regarding Sasol’s succession plan as the CEO’s term is set to end in 2024.