Sun, 11 Apr 2021

Denel finance chief quits

02 Mar 2021, 04:10 GMT+10

South African state-owned defence company Denel said on Monday that Chief Financial Officer Carmen le Grange had resigned, extending a recent string of resignations that have deepened a crisis at the struggling firm.

Last week, Fin24 reported that the company's chief operating officer William Hlakoane was appointed interim CEO after Talib Sadik's contract came to an end. Sadik was appointed interim CEO in August, after the previous CEO, Danie du Toit, resigned - having spent under two years in the position.

"The Board wishes to thank Ms le Grange for her valuable contributions during her tenure as financial director of Denel," Denel said in an announcement on the Johannesburg Stock Exchange.

Le Grange's last day will be on 27 March 2021.

Treasury has warned that Denel is at risk of running out of cash, and that delays to implementing its turnaround plan could see it liquidated.

The company has been battling to pay staff salaries regularly.

Fin24 reached out to Denel on Monday evening. A company spokesperson reiterated the contents of the statement but declined to comment further.

Source: News24

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