Analysts tip Davies, Munday in Sasol race
Carli Lourens
--------------------------------------------------------------------------------
E-Mail article Print-Friendly
Trade and Industry Editor
THE successor to Pieter Cox at the helm of SA’s largest capital investor, in September could be revealed in the next two weeks, market commentators said yesterday.
The appointment of Sasol’s new CE is likely to be decided at the group’s board meeting on Friday next week, ahead of the release of the group’s interim results on March 7, several analysts said.
The next CE will oversee what will arguably be the most critical time in its efforts to take its pioneering technologies worldwide. Sasol is, for example, currently studying the feasibility of erecting two massive coal-to-liquid plants in China.
Most analysts see executive directors Trevor Munday and Pat Davies as the most likely candidates. Former Sasol director Ralph Havenstein was believed to have been in the running before his appointment as CEO of Anglo Platinum about two years ago.
However, analysts have not ruled him out as a candidate.
Sasol yesterday declined to confirm or deny that the decision would be made next week.
Sasol spokesman Johann van Rheede said an announcement would be made “in due course when the board has made its decision”. A decision at this time was likely as it would allow for a reasonable transformation period until Cox retires in September, said an analyst who did not wish to be named.
Davies’ long history with Sasol is expected to stand him in good stead, but analysts said Munday, who entered the group via Sasol’s takeover of Polifin — where he was the CEO — has an equal chance.
Cox, who is also deputy chairman of Sasol, is widely expected to stay on in some capacity.
A number of analysts said they expected Cox to take over as chairman when current chairman Paul Kruger, 68, retires. Sasol’s retirement age for chairmen is 70.
Sasol was not expected to make an empowerment appointment in either position, despite coming under fire from President Thabo Mbeki last year on its view of empowerment as a risk.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
