Dan Marokane has been roped in by the struggling sugar producer Tongaat Hulett as an interim CEO.
Marokane previously held the role of executive director and his new appointment takes effect on March 1.
The appointment comes after the departure of CEO Gavin Hudson as previously reported by BusinessTech Africa.
Hudson resigned from Tongaat Hulett and he will finish his tenure at the end of February amidst the plans to find stability.
According to the group, Marokane holds a BSc Chem Eng, MSc Pet Eng, and an MBA and has held top positions at companies such as Eskom.
“He has held various senior executive roles over the past 20 years in the oil and gas, power, and agro-processing industries,” said the company.
“He joined Tongaat Hulett in 2018, and in his role of chief business transformation officer he has been part of the management team which led the turnaround journey of the company.”
Tongaat Hulett said Marokane was appointed as an executive director of the company in November 2019 and was previously chairperson of the company’s listed Zimbabwean subsidiary, Hippo Valley Estates Limited.
“The company acknowledges his valuable contribution to Tongaat Hulett, most notably his impact on the internal cash-flow optimisation programmes and the management of the company’s asset disposals,” the group said.
The beleaguered sugar maker also announced that business rescue practitioners welcomed Marokane to his new role.
BusinessTech Africa also reported that Tongaat was placed in business rescue in October 2022 after its lenders failed to give their backing to a restructuring plan, and the post-commencement finance is the group’s largest cash injection since it was placed in business rescue.
BTA previously posted that dubbed the largest sugar producer in South Africa, Tongaat Hulett received a massive financial boost from the Industrial Development Corporation.
The IDC pumped up an undisclosed amount of money into the struggling sugar producer, Tongaat Hulett.
News24 reported that Tongaat Hulett has received an undisclosed sum from the Industrial Development Corporation (IDC) to help it complete its milling season and do maintenance.
