BMF angry at Sasol’s naming of joint CEOs

THE Black Management Forum (BMF) said yesterday it was dismayed at the decision to appoint joint CEOs at Sasol, and would be seeking a meeting with the company to discuss transformation.

On Friday, Sasol appointed Bongani Nqwababa and Stephen Cornell to the positions of joint presidents and CEOs.

The two would assume their positions in July next year, when the term of office of CEO and president David Constable expires.

Mr Nqwababa is Sasol’s chief financial officer, while Mr Cornell is the executive vice-president of international operations.

The BMF said the posts exposed Sasol as not having a “thoughtful succession plan with individuals who could assume CEO responsibilities independent of others”.

It said the appointments were also senseless as they introduced split accountability for a single bottom line and would prove expensive for the company.

The forum said it was also worried “about the trend of appointing joint CEOs when the most deserving candidate is a black person”.

“Companies are undermining black talent and leadership by diluting their powers and responsibilities when it is their turn to lead.

“This practice is a clear demonstration of institutional racism that is embedded within corporate culture and practices.

“We note that some black directors and even chairmen who serve on company boards are now the promoters of this racist practice‚” BMF asserted.

Standard Bank is another JSE-listed company run by joint CEOs — one black and one white.

Sasol chairman Mandla Gantsho “will seek a meeting with the BMF to better understand their concerns and provide information where necessary”, spokesman Alex Anderson said yesterday.

In making the appointments on Friday, the company said: “Their complementary attributes are wellsuited to drive Sasol’s growth, while maintaining momentum for sustainable repositioning of the company to respond decisively to the challenging energy landscape.”

Mr Gantsho said the decision was “well-considered”. “Our joint-CEO designates have … 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,” he said. With RDM Newswire