In a significant development for Sasol Limited, Chief Financial Officer (CFO) Hanré Rossouw has announced his resignation, effective October 31, 2024. This departure comes amidst a challenging period for the company, further compounded by a notable decline in the share price, which hit a new 52-week low following the confirmation of Rossouw’s resignation.
Rossouw, who assumed the role of CFO just over two years ago, will be departing Sasol after contributing to the company’s strategic initiatives. Sasol Chair Steve Westwell acknowledged Rossouw’s solid contribution towards advancing the vision of “Future Sasol.”
The news of Rossouw’s resignation triggered a decline in Sasol’s share price, with the stock falling below the R128-a-share mark during morning trade. The stock closed almost 4% weaker on the day, reflecting investor concerns about the leadership transition and its potential impact on the company’s financial outlook.
Sasol has initiated the succession process to appoint a new CFO, with an announcement expected in due course. Rossouw will remain with the company during the financial year-end closing and the publication of its annual reports for the year ending June 30, 2024, facilitating a structured handover period.
Despite the challenges posed by Rossouw’s resignation and the ensuing share price decline, Sasol remains focused on navigating through this transition period. The company is committed to ensuring a seamless leadership transition and maintaining its strategic momentum amid evolving market dynamics.
Sasol’s recent trading update flagged potential weaknesses in its FY2024 performance, adding further pressure on the stock. However, with a structured handover period in place and the succession process underway, Sasol aims to instill confidence among shareholders and stakeholders in its ability to weather the challenges and drive sustainable growth in the future.
As Sasol prepares for a new chapter with a change in CFO leadership, shareholders and investors will closely monitor developments, seeking clarity on the company’s strategic direction and its plans to address the underlying challenges. Amidst uncertainties, Sasol remains steadfast in its commitment to delivering long-term value for its stakeholders and navigating through the current headwinds with resilience and determination.
