Sasol CFO stepping down

 ·2 May 2024

Sasol’s Chief Financial Officer and Executive Director, Hanré Rossouw, will leave the company.

Rossouw will depart the company on 31 October 2024 – two and a half years since joining.

“‘Hanré joined Sasol on 4 April 2022 and has made a solid contribution towards achieving Future Sasol,’ said Steve Westwell, the Chairman of Sasol.

Rossouw will stay at the group for the financial year-end closing and the publication of the group’s annual reports for the year ending 30 June 2024, which the group said will allow for a structured handover period.

The group has started the succession process, and it will make an announcement will be made in due course.

Sasol, South Africa’s biggest company by revenue, has announced the appointment of Simon Baloyi as its new President and Chief Executive Officer (CEO) with effect from 1 April 2024.

Rossouw’s resignation means that two new faces will be leading the company, with Simon Baloyi taking over as President and Chief Executive Officer (CEO) in April 2024.

Baloyi joined the group in 2002 and previously worked as the Executive Vice President of Energy Operations and Technology.

Sasol has recently struggled amid global and domestic issues.

In the group’s interim financial results for the six months ended 31 December 2023 (H1 2024), the group said that the volatile macroeconomic environment, which included weaker oil and petrochemical prices and continued inflationary pressure, hurt its performance.

“Despite some operational improvements in South Africa, persistent underperformance of the state-owned enterprises involved in Sasol’s value chain and the weaker global growth outlook continue to impact Sasol’s business performance,” the group previously said.

Headline earnings per share dropped from R30.90 in H1 2023 to R20.37 in H1 2024, while the group cut its interim dividend from R7.00 to R2.00

Read: You now pay R320 in tax every time you fill up in South Africa

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