Tongaat Hulett has appointed Gavin Dalgleish as its new CEO to steer the company through its critical business rescue phase. His role, effective from 1 June, focuses on executing the approved turnaround strategy and overseeing the transfer of assets and operations under the “Alternative Transaction.” The move comes as the embattled sugar producer continues efforts to stabilise after entering voluntary business rescue in October 2022.
Dalgleish brings extensive experience in reviving struggling sugar businesses, having previously led the Vision Group. However, he will not join Tongaat’s board, instead working directly with the business rescue practitioners (BRPs) to implement recovery plans. Meanwhile, Rob Aitken, who served as interim CEO, will return to his position as CFO, while Gary Baranov resumes his role as group finance executive. The leadership reshuffle aims to strengthen the company’s financial and operational restructuring.
The rescue plan, adopted in January 2025, seeks to secure Tongaat’s future through debt restructuring and strategic realignment. The company has faced significant financial turmoil, including shareholder disputes over a proposed debt-for-equity swap. With Dalgleish at the helm, Tongaat hopes to leverage his turnaround expertise to navigate its complex recovery process and restore long-term viability in a challenging industry.