Press Releases for the Transport Sector, 2009

Embargo: none

TRANSNET STATEMENT ON THE CEO SUCCESSION

We wish to announce that the Board of Transnet Limited – in consultation with Ms Bridgette Mabandla, the minister of public enterprises in her capacity as representative of Transnet’s only shareholder, the Government of South Africa – has appointed Mr Chris Wells Acting Group Chief Executive of Transnet pending the finalization of the process of appointing a permanent group chief executive. We will make an announcement in due course once this process is concluded. 

A CA by training and an experienced director of publicly-quoted companies, Mr Wells is currently the Chief Financial Officer (CFO) and one of two executive directors on the Board of Transnet. Having joined the Company in January 2005, Mr Wells, who is widely respected in and outside the Company, has been a member of the executive team which successfully implemented the turnaround strategy at Transnet. Most members of this team, who have worked together during the last five years, are still in their positions, ensuring that the impending change in CEO is underpinned by leadership continuity which is fundamentally important in implementing the Company’s four-point growth strategy.

A structured CEO selection process – which forms part of the Board’s succession plan – is well underway. This is being driven by the Board’s Corporate Governance and Nominations Committee.

Issued on behalf of Mr Fred Phaswana, the Chairman of Transnet Limited, by John Dludlu

For enquiries, please call: 083 676 1881 or 083 277 4774
John.dludlu@transnet.net