Tongaat Hulett: Sibisi to succeed Magwaza as chairman

JB Magwaza, a long-standing executive member of Tongaat Hulett, would retire as board chairman in July, the sugar producer announced on Friday. Magwaza joined the agri-processing firm in 1975 and was appointed to the board in 1994. He retired as an executive in 2003 and became chairman of the board in 2009. Magwaza is to be replaced by Bahle Sibisi as non-executive chairman with effect from July 30. Sibisi has been on Tongaat Hulett’s board since 2007 and is a member of the risk, social and ethics committee. He is the chief executive of Sangena Investments and chairman of the SA Bureau of Standards and Roadcrete Africa. Magwaza said he had confidence that Sibisi would provide valuable guidance and lead the board with diligence. Tongaat Hulett chief executive Peter Staude thanked Magwaza for his sterling contribution to the company and board over so many years. The board also appointed Jenitha John, who is an independent non-executive director and chairman of the audit committee, as lead independent director. This appointment will also be effective from July 30. The share price increased by 0.16 percent to close at R122.50 on Friday. – Nompumelelo Magwaza