Home

Sasol to appoint joint-chief executive officers with effect from 1 July 2016

Date: 
11 December 2015

Johannesburg, South Africa – Today, the Sasol Limited Board of Directors announced the appointment of Bongani Nqwababa and Stephen Russell Cornell as Joint-President and Chief Executive Officers (“Joint-CEOs”) of the Company, with effect from 1 July 2016, the beginning of the Company’s next financial year. This follows the announcement on 8 June 2015 that David Constable, the President and CEO, had decided not to extend his contract with Sasol beyond 30 June 2016.
 
Mr Nqwababa is currently Chief Financial Officer of Sasol, and a member of the Sasol Limited Board of Directors and the Group Executive Committee. Mr Cornell is currently the Executive Vice President: International Operations, and a member of the Group Executive Committee.
 
Dr Mandla Gantsho, Chairman of Sasol Limited’s Board of Directors, said, ”Sasol’s succession plan for the President and CEO, which enabled the consideration of internal and external candidates in South Africa and globally, has informed the Board’s well-considered decision to appoint Steve and Bongani as Joint-CEOs. They have 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. Their complementary attributes are well-suited to drive Sasol’s growth programme while maintaining momentum for the sustainable repositioning of the Company to respond decisively to the challenging energy landscape.’
 
Dr Gantsho added, ”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. Over the next six months, they will work with David and myself, as part of a thorough transition and handover plan.”
 
The Board of Directors of Sasol Limited has also appointed Paul Victor as Chief Financial Officer and Executive Director, with effect from 1 July 2016. Mr Victor is currently Senior Vice President: Financial Control Services at Sasol, and served as acting Chief Financial Officer from 10 September 2013 to 28 February 2015.
 
Dr Gantsho added, “I would like to wish Steve, Bongani and Paul well with their appointments, and, on behalf of the Board of Directors of Sasol Limited, to welcome Steve and Paul onto the Board of Directors of Sasol Limited”.

 

Biographies of the new appointments:
 
Steve Cornell was appointed as Executive Vice President, International Operations for Sasol on 1 February 2014. He is responsible for Sasol’s global operations outside Southern Africa, which includes his role of executive sponsor for the Lake Charles Chemicals Project in Louisiana in the United States. He was the Chief Operating Officer of US Fuels and Global Head of major downstream projects at BP, near Chicago, Illinois until January 2014. Before that he was the Vice President for US Refining at BP. Before joining BP, Mr Cornell served in a number of capacities at Total and heritage Total companies from 1988 to 2007, and began his career with Exxon Corporation from 1979 to 1988. In his various roles, Mr Cornell has lived and worked in North America, Europe and Asia. He obtained a Bachelor of Science Chemical Engineering degree from Purdue University in the United States.
 
Bongani Nqwababa has been Executive Director and Chief Financial Officer of Sasol since 1 March 2015. He initially was appointed as Non-Executive Director on 5 December 2013, but resigned on 26 September 2014, upon his appointment as an Executive Director. He was the Finance Director of Anglo American Platinum Limited from January 2009 until 18 February 2015 and the Chairman of the South African Revenue Services Audit Committee until 24 July 2015. He is a former Finance Director of Eskom Holdings Limited. Prior to joining Eskom, he served as Treasurer and Chief Financial Officer of Shell Southern Africa. He previously served as a Non-Executive Director and member of the Nomination, Audit and Remuneration Committees of Old Mutual plc. He trained as an accountant with PricewaterhouseCoopers Inc. Mr Nqwababa is a qualified chartered accountant and holds a Masters in Business Administration from the Universities of Manchester and Wales, Bangor in the United Kingdom.
 
Paul Victor is currently Senior Vice President: Financial Control Services at Sasol, and served as acting Chief Financial Officer from 10 September 2013 to 28 February 2015. He joined the Sasol group in 2000 and first served as a Financial Manager and later as the Chief Financial Officer of Sasol Synfuels, a position he held until 2011. In 2011, he became the Group Executive, Finance: Sasol Group Finance, reporting to Sasol Limited’s Chief Financial Officer, with responsibility for the Sasol group’s financial reporting function. Mr Victor obtained a Bachelors Computationis (Accounting) from the University of the Orange Free State, South Africa in 1992, and a Bachelors (Honours) and Certificate in Theory of Accountancy from the University of the Orange Free State, South Africa in 1993. He qualified as a chartered accountant in 1995.

Sasol may, in this document, make certain statements that are not historical facts and relate to analyses and other information which are based on forecasts of future results and estimates of amounts not yet determinable. These statements may also relate to our future prospects, developments and business strategies. Examples of such
forward-looking statements include, but are not limited to, statements regarding exchange rate fluctuations, volume growth, increases in market share, total shareholder return, executing our growth projects and cost reductions, including in connection with our Business Performance Enhancement Programme and Response Plan. Words such as "believe", "anticipate", "expect", "intend", "seek", "will", "plan", "could", "may", "endeavour", "target", "forecast" and "project" and similar expressions are intended to identify such forward-looking statements, but are not the exclusive means of identifying such statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and there are risks that the predictions, forecasts, projections and other forward-looking statements will not be achieved. If one or more of these risks materialise, or should underlying assumptions prove incorrect, our actual results may differ materially from those anticipated. You should understand that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors are discussed more fully in our most recent annual report on Form 20-F filed on 27 September 2016 and in other filings with the United States Securities and Exchange Commission. The list of factors discussed therein is not exhaustive; when relying on forward-looking statements to make investment decisions, you should carefully consider both these factors and other uncertainties and events. Forward-looking statements apply only as of the date on which they are made, and we do not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise.

Please note: A billion is defined as one thousand million. All references to years refer to the financial year ended 30 June. Any reference to a calendar year is prefaced by the word "calendar".

Comprehensive additional information is available on our website: www.sasol.com