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Struggling sugar producer and parent company of ZSE listed Hippo Valley and another sugar producer Triangle Estate, Tongaat Hulett announced a major board shake-up on Monday evening, switching out four directors and replacing its current chairperson Bahle Sibisi with Louis von Zeuner. One of the outgoining directors is Zimbabwean Rachel Kupara.
Von Zeuner, an independent non-executive directer appointed to the group’s board in late 2018, will assume the role of chairman on October 1.
Sibisi will step down from his position as chair, as well as director, on September 30 “having overseen the orderly transition of the board, including the appointment of new directors”, the group said in an update to shareholders on Monday.
Other directors set to leave on September 30 include: Rachel Kupara, Thandeka Mgoduso, Brand Pretorius and Tomaz Salomão.
The group announced the appointment of four independent non-executive directors: Andile Sangqu, Linda De Beer, Jean Nel and Robin Goetzsche.
Online Reporter