Johannesburg Stock Exchange-listed sugar producers Tongaat Hulett Limited, has appointed Zimbabwean Sydney Mtsambiwa as its interim chief executive officer. This follows the pending retirement of current CEO Peter Staude at the end of next month.
“Further to the announcement on 6 August 2018 that Mr Peter Staude will retire as chief executive officer with effect from October 31, 2018, shareholders are advised that Mr Sydney Mtsambiwa has been appointed as the interim CEO with effect from November 1, 2018,” said Tongaat in a statement to the JSE.
“Mr Mtsambiwa will serve as the interim CEO until the board has finalised the appointment of Mr Staude’s permanent successor, and will carry the full responsibilities and authority of the position of the CEO, participate in and report to the board.”
Mr Mtsambiwa currently oversees Tongaat Hulett´s sugar operations in Zimbabwe and has been the CEO of Hippo Valley Estates Limited since June 1999.
He has many years of leadership experience within Tongaat Hulett.
Tongaat Hulett’s sugar operations in Zimbabwe comprise the wholly owned Triangle Sugar operation and its 50,3 percent holding in Hippo Valley Estates.
The Zimbabwean operation’s operating profit for the full year to March 31, 2018, was up 11,7 percent to R563 million from the prior comparable period.
During the same period, the group’s operating profit for the period declined by 16,1 percent to R1,96 billion, down from R2,33 billion while operating profit for various sugar operations was down by 34,15 percent to R837 million, down from R1,27 billion.
Group headline earnings dipped 37,2 percent to R617 million from R982 million compared to FY2016.
Tongaat Hulett has sugar operations in about 20 locations in six countries, which include South Africa, Botswana, Namibia, Swaziland, Mozambique and Zimbabwe.