By Lehlohonolo Lehana.
Kumba Iron Ore announced on Friday that Grindrod CEO Xolani Mbambo has been appointed chief financial officer and executive director, effective 1 January 2026.
Mbambo will also join the company’s Social, Ethics and Transformation Committee, as well as the Strategy and Investment Committee.
He will succeed Bothwell Mazarura, who is stepping down from his role as CFO and executive director to pursue other interests, after close to eight years in the role.
“I am honoured to join Kumba at such a pivotal time in its journey. Kumba’s commitment to operational excellence, delivering shareholder value and sustainability resonates deeply, and I look forward to working with the talented team to build on the strong foundation laid by Bothwell and to drive continued success for all stakeholders, “says Mbambo in a statement.
Mbambo, a chartered accountant and Harvard AMP graduate, brings more than two decades of experience across mining, logistics, and finance. He has held senior leadership positions at Grindrod and Anglo American, where he led functions spanning finance, project execution, performance analysis, and commodity marketing.
“On behalf of the Kumba board, I extend our sincere gratitude to [Mazarura] for his . . . leadership and dedication . . . We wish him every success in his future endeavours.
“We also look forward to warmly welcoming [Mbambo] to the Kumba family. His proven record in mining and logistics, as well as his strategic acumen will be invaluable as we continue to safely and responsibly advance Kumba’s strategic ambitions and operational objectives, “Kumba chairperson Terence Goodlace said.
“Under [Mazarura’s] financial stewardship, Kumba has delivered strong operational and financial results but also advanced our sustainable mining strategy.
“We look forward to welcoming [Mbambo] to the leadership team. We are excited and confident about the energy and experience he will bring as we continue to build a successful future together. [His] leadership and experience in mining and logistics will add a lot of value to Kumba and all our stakeholders,” Kumba CEO Mpumi Zikalala added.
In February, Kumba declared a final dividend of R19.90 per share for the 12 months ended December taking the total cash payout for its 2025 financial year to R38.67 per share – all of its earnings. This is despite reporting a 45% year-on-year decline in basic earnings, largely owing to a decline in the iron ore price.