Business

Denel confirms resignation of CEO but stays mum on reasons

Denel confirms resignation of CEO but stays mum on reasons

Denel group CEO Danie du Toit has resigned, the state-owned enterprise confirmed on Monday afternoon.

In a statement, Denel said Du Toit would remain in his position until August 15. Reasons for the resignation were not provided.

“Denel will appoint an interim group CEO shortly,” it said.

The under-fire company's statement said that its “turnaround plan” was under way, focused on “protecting promising business lines, disposing of non-core assets, and seeking strategic partners to increase access to international markets, contribute skills and funding to a profitable Denel”.

“The board has taken far-reaching steps to stabilise the business and prepare the ground for Denel’s long-term sustainability.”