Diversified industrials group Barloworld has appointed Dumisa Ntsebeza as chairperson and former Sasol executive Trevor Munday as his deputy, with immediate effect, the company announced on Wednesday.
Ntsebeza, chairperson of the Desmond Tutu Peace Trust, was appointed interim chairperson in January after Warren Clewlow stepped down. His position has now been made permanent.
Earlier this year, Barloworld came under heavy criticism from its largest shareholder the Public Investment Corporation CEO Brian Molefe for not embracing transformation even after the corporation had voiced concerns previously.
Ntsebeza, who served as one of the commissioners on the Truth and Reconciliation Commission, joined the board of Barloworld in 1999 as a nonexecutive director.
He initially agreed to take on the position for an interim period and Barloworld said previously that it would appoint a black chairperson to take over from Ntsebeza.
Munday was appointed to the board of Barloworld in January. He was previously petrochemicals giant Sasol’s deputy CE and before that the CFO of the company.
Barloworld said that it had created the position of deputy chairperson after recognising the amount of work required to implement the number of announced strategic actions and support for the new executive management team at the company.
“There is a lot of work to be done to carry this business forward successfully into the future but I have every confidence in the executive team under Clive’s [Thomson] leadership that the business will continue to reward all its stakeholders as it has done for so many years in the past."
Munday said that he was looking forward to helping Barloworld deliver on its commitments to its shareholders as a newly-focused global distribution business.
Barloworld is exiting lower-growth markets to develop and grow core businesses in the earthmoving and power systems, vehicle usage, materials handling and logistics management, and supply optimisation sectors.
The company also promised earlier this year that its cement subsidiary, PPC, would appoint a black chairperson. Martin Shaw was appointed interim chair and he said in January that he would relinquish the position by no later than September.
Barloworld plans to spin off PPC by mid-July.
Shares in Barloworld gained 2,31% on Wednesday afternoon, and were trading at R196,49 a share by 15:39.