Denel CEO resigns
Danie du Toit has resigned as Group CEO for Denel.
Denel confirmed the news on Monday in a statement.
The state-owned arms manufacturer has not revealed the motive for Du Toit’s resignation.
“Mr Du Toit will continue to render his services until August 15, 2020. Denel will appoint an interim Group CEO shortly,” it said.
Du Toit’s resignation comes amid financial woes at the SOE.
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Last year Denel received R1.8 billion from the state to clear its debt.
“The turnaround plan is focusing on protecting promising business lines, disposing of non-core assets, and seeking strategic partners to increase access to international markets, contribute skills and funding to a profitable Denel,” the company said on Monday.
“The Board has taken far-reaching steps to stabilise the business and prepare the ground for Denel’s long-term sustainability.”