Denel CEO has resigned after less than two years in office!
Danie du Toit, Denel’s group CEO, has resigned after less than two years in the job, as the turnaround of the state-owned arms manufacturer after years of mismanagement remains in the balance. Du Toit’s resignation is a blow for the company, which is struggling to get back on its feet after years of mismanagement and
Denel CEO has resigned after less than two years in office!
Danie du Toit, Denel’s group CEO, has resigned after less than two years in the job, as the turnaround of the state-owned arms manufacturer after years of mismanagement remains in the balance.
Du Toit’s resignation is a blow for the company, which is struggling to get back on its feet after years of mismanagement and looting during the state capture years left it in financial dire straits.
Denel is yet to give reasons for Du Toit’s departure.
The state-owned company makes equipment ranging from armoured vehicles to attack helicopters and missiles.
It has struggled to pay employee salaries amid a liquidity crisis aggravated by the COVID-19 pandemic.
In August last year, National Treasury granted the company a R1.8-billion lifeline which Denel said would aid in its turnaround plan.
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