Sasol appoints Nqwababa, Cornell as joint-CEOs
Energy and chemicals group Sasol announced on Friday that it had appointed Bongani Nqwababa and Stephen Cornell as joint-CEOs, with effect from July 1, 2016.
The appointments follow the June 8 announcement that incumbent CEO David Constable had decided not to extend his contract beyond June 30, 2016, the end of the JSE-listed group’s financial year.
Nqwababa is currently CFO and Cornell executive vice president for international operations.
Former acting CFO Paul Victor had been appointed to replace Nqwababa from July 1, 2016.
Sasol chairperson Dr Mandla Gantsho said Nqwababa and Cornell had “complementary skills, experience, qualifications and backgrounds, and, together, they will form a formidable team to take this large and complex company to the next level of performance and success”.
Nqwababa is a qualified chartered accountant and holds a Masters in Business Administration from the Universities of Manchester and Wales, Bangor, in the UK. Cornell obtained a Bachelor of Science Chemical Engineering degree from Purdue University, in the US.
“Our Joint-CEO designates have also had relevant industry experience gained prior to joining Sasol at Anglo American Platinum, Eskom and Shell, in respect of Bongani, and BP, Total and Exxon, in respect of Steve,” Gantsho said.
Besides navigating the low oil price environment the joint-CEOs would also need to oversee the group's major operational expansion in North America, located at the Lake Charles chemicals complex in Louisiana.
The group was pushing ahead with a $8.9-billion ethane cracker investment at the complex, which was scheduled for completion in 2018.
Sasol was, however, holding back on a larger $11-billion to $14-billion gas-to-liquids development, also in Louisiana, but had completed a “reframing study”, which showed the economics of the 100 000 bl/d facility could be improved with modifications to its configuration.
In September, the group said it expected oil prices to remain low until the end of the 2017 calendar year, with average Brent crude oil prices expected to remain between $50/bl and $60/bl during its 2016 financial year.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation