Louis von Zeuner steps down as Tongaat chair; David Noko announced intervening time

Tongaat Hulett media statement:

Mr Louis von Zeuner, Chairperson and Non Executive Director of the Tongaat Hulett board, has regrettably told the board that he might perhaps presumably presumably presumably no longer be on hand for re-election as Chairman at this year’s AGM which capability of a exchange in his personal conditions.

Mr von Zeuner has which capability resigned as Chairman, however will dwell on the board to back with a soft transition and handover unless 30 June 2022. Mr von Zeuner will additionally resign as an neutral non-govt director of the Firm effective 30 June 2022. The Board has begun the technique to establish a loyal replace and shareholders will seemingly be suggested as rapidly as an appointment has been made.

As a outcomes of Tongaat’s succession planning processes, a seamless transition to Mr David Noko, who will recall the characteristic of intervening time Chairperson, has already begun. Mr Noko has served as lead Non-Executive Director on the Tongaat board since 1 July 2020 and is currently the Lead Unprejudiced Non-Executive Director.

Mr Noko has an HND in Mechanical Engineering, an MDP and an MBA, and is the lead advisor at his consultancy firm, ESG Advisory Runt. He became once Executive Vice President at AngloGold Ashanti and has served as CEO of Air Chefs and Managing Director and CEO of De Beers Consolidated Mines Runt. He served on the Boards of several excellent companies, is a Chartered Director, a member of the Institute of Directors and is Chairman of the Council of the University of the Free Narrate.

Tongaat is a critical regional sugar producer with operations in Zimbabwe, Botswana, Mozambique and South Africa. With over 26,000 workers, Tongaat additionally presents a livelihood to extra than 20,000 cane growers. The precedence of the board for the length of this transition duration stays on guidance the firm with the reinforce of shareholders and lenders to form a sustainable future for all its stakeholders.

Tongaat Hulett CEO Gavin Hudson acknowledged: “On behalf of the board and govt crew of Tongaat Hulett, we fancy to sincerely thank Mr von Zeuner for his distinctive leadership, guidance and reinforce for the length of the advanced time that THL confronted when he took over the characteristic as Chairman. We desire him every success in his future endeavours. In welcoming Mr Noko as the intervening time Chairman, we purchase comfort that our efforts to total the turnaround and recapitalisation will income from an distinctive depth of administration abilities on the Board. We dwell dedicated to the recapitalisation path of, which we contain will offer protection to intrinsic shareholder payment and salvage a legacy for the half 1,000,000 of us relying on the existence of Tongaat Hulett across the Southern Africa Pattern Community. Our engagement with lenders, shareholders and regulators to bring this to fruition continues.”

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