JOHANNESBURG - Grindrod Freight Services division chief executive Bongiwe Ntuli has resigned effective from the end of this year to take up a position in January next year as chief financial officer and executive director at The Foschini Group.
The company said yesterday that Ntuli had decided it would be the opportune time to embark on the next chapter in her career following the recent improvement in the commodity markets and significant work done to reshape the Grindrod Freight Services business, including the appointment of key management and developing customer relationships.
Ntuli has been with Grindrod for 10 years, of which three-and-a-half years were as chief executive of the freight services division. Grindrod said Ntuli’s successor would be appointed in the coming months to facilitate a smooth transition prior to her departure in December.
Grindrod in June separately listed its shipping business, Grindrod Shipping Holdings, on the US Nasdaq Stock Exchange, with a secondary listing on the JSE.
The continuing businesses of Grindrod comprise Maputo port and terminals, logistics, marine fuels and agricultural logistics, and financial services. Grindrod shares gained 2.93 percent on the JSE yesterday to close at R8.08.