Nyembezi-Heita takes Borkum’s place

JSE Limited, the operator of the JSE, has appointed Nonkululeko Nyembezi-Heita to replace Humphrey Borkum, who is retiring as the chairman after the company’s next annual general meeting (AGM). Borkum, who has served in the post since 2002, would step down after the AGM, the date of which would be announced on March 11, the bourse said yesterday. Nyembezi-Heita announced on Monday that she would quit as chief executive of ArcelorMittal South Africa on February 18 next year, after heading the steel maker for six years. “Humphrey’s role in the evolution of the JSE business over the decades in our industry has been immense,” JSE chief executive Nicky Newton-King said. Nyembezi-Heita, who joined the exchange’s board in June 2009, would start the day after the AGM. The JSE’s stock has gained 14 percent this year, matching the advance in the all share index, giving the company a market value of R7.7 billion. – Bloomberg