Exxaro CEO steps down with immediate effect

Nombasa Tsengwa, CEO of Exxaro Resources, has reportedly tendered her resignation with immediate effect.

According to News24, Tsengwa said she would not subject herself to a defamatory process with a predetermined outcome.

In December last year, Tsengwa was placed on precautionary suspension pending the outcome of a probe into allegations relating to workplace conduct and governance practices. 

The suspension happened days after a Sunday Times article was published that quoted anonymous sources alleging that Tsengwa’s intimidating management style contributed to the departure of up to nine executives.

Allegedly, one of the nine executives who either resigned or was suspended since Tsengwa took over described working under her as “the worst time of my career at Exxaro”.

Business Times reported that among the resignations from the group are Alex de Angelis, executive head of strategy; Bathabile Ponu, chief internal auditor; and Louis Retief, executive head of information management. Roland Tatnall, former MD of Cennergi, the company’s renewable energy business, also departed. The head of coal, Kgabi Masia, has also reportedly been suspended.

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During this time, there was also an online petition expressing support for the suspended CEO, with close to 130 people signing the petition. However, their identities and status were not verified.

Early this week, the Gauteng Division of the High Court heard an urgent bid by Tsengwa to fast-track her December 2024 suspension hearing. The court struck her case off the roll for lack of urgency. 

The urgent bid was a result of Tsengwa approaching the court, arguing that her suspension was illegal on the grounds that the board of Exxaro overstepped its powers by placing her on suspension while there was no disciplinary hearing pending.

Tsengwa has been Exxaro’s CEO since 2022 and has a career in mining spanning 20 years. 

This article was republished from Moneyweb. Read the original here.