NATIONAL NEWS - The Denel board has announced the appointment of Talib Sadik as the interim Group Chief Executive.

A qualified Chartered Accountant (SA), Sadik momentarily takes over the reins from Danie Du Toit, who stepped down from the post on 15 August.

Sadik is a former non-executive Denel director and has worked with the board in developing the turnaround plan.

Denel SOC Ltd is a State-owned, commercially-driven company and strategic partner for innovative defence, security and related technology solutions. It groups together several defence and aerospace divisions and associated companies.

This, said the board in a statement issued on Monday, positions him well for a seamless transition. 

“Mr Sadik served as Denel’s Group CEO between 2008 and 2012 and brings a wealth of experience that will be of value to Denel,” reads the statement.

Board chairperson, Monhla Hlahla, said the board is continuing its efforts to transform Denel into a sustainable defence and advance manufacturing company.

In the statement, Hlahla assured Denel staff, suppliers, customers and other stakeholders that the board’s focus on the turnaround strategy is top priority.

“The shareholder and the board continue to find solutions to resolve the short-term challenges of the company,” Hlahla said.

She said the board welcomed into the interim role and looks forward to working with him on a successful outcome for Denel.

“The Audit Committee will continue to remain duly constituted, as per the company’s act,” Hlahla said.

The recruitment process of the permanent Group CEO is underway and the appointment will be communicated to all stakeholders. – SAnews.gov.za