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Thursday, 02 May 2024 13:03

Sasol CFO Hanré Rossouw quits after just two years.

By Lehlohonolo Lehana.

Caption: Simon Baloyi President and Chief Executive Officer (CEO) of Sasol.

Sasol's Chief Financial Officer (CFO) Hanré Rossouw has resigned from the group and will leave at the end of October 2024, the company confirmed in a JSE Sens statement on Thursday morning.

Rossouw has only been in the position for just over two years.

Sasol's share price fell to a new 52-week low, below the R128-a-share mark at one point, in morning trade following confirmation of Rossouw's resignation. The stock traded around 4% weaker just before 10am.

Shareholders are advised in terms of paragraph 3.59 of the JSE Listings Requirements that Hanré Rossouw has informed the company that he will step down as CFO and executive director of Sasol Limited on 31 October 2024," the Sens said.

Sasol chair Steve Westwell said: "Hanré joined Sasol on 4 April 2022 and has made a solid contribution towards achieving Future Sasol."

"We thank Hanré for his leadership during a challenging period and wish him well in his future endeavours."

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 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.