Developments on appointment of new Transnet CEO

Mafika Mkwanazi in mid-December took on the additional responsibility of the group chief executive function at Transnet and has assumed all the responsibilities of the GCE role until the company finds a permanent candidate, the Board of Directors of Transnet said. As chairman, finding a suitable candidate for the vacant position of group chief executive is one of Mkwanazi’s main responsibilities, after which he will return to his normal role. The Board has appointed a Corporate Governance and Nominations Committee to run the process of appointing a GCE. The current acting GCE, Chris Wells, who resigned from the company with effect from March 31 2011, has been at the helm since March 2009. He joined Transnet as chief financial officer in 2005. Wells told the Board that he did not wish to be considered for a permanent role. In addition, his resignation included a proviso that he would stand down from his current position as soon as an alternative was appointed - if prior to March 31 2011. Wells has therefore relinquished the GCE position with immediate effect but will remain with the company until the end of the financial year to assist Mkwanazi with the handover and other matters to be agreed upon.