19 January 2024
By: Lloyd Phillips
After the recent announcement of likely new owners for Tongaat Hulett, the company’s chief financial officer will soon take over as its interim CEO.
The financially beleaguered sugar cane milling, animal feeds and property giant, Tongaat Hulett, which remains in voluntary business rescue, has announced a new interim CEO. Chief financial officer Rob Aitken will step into the role vacated by Dan Marokane.
A statement by Tongaat says Marokane was appointed as CEO in 2018. Since then, his leadership has guided the company throughout the business rescue process.
Marokane is to be Eskom’s new CEO, but to ensure a smooth handover he will work with Tongaat Hulett’s board, executive team and Aitken until the end of February.
A stable transition is especially important since the recent adoption of the business rescue plan by Tongaat’s owners-to-be, the Vision Parties consortium led by South African businessman Robert Gumede.
The statement adds that Aitken, a chartered accountant, joined Tongaat in January 2018 to help improve its processes and systems. He has a “deep understanding” of the sugar industry and of Tongaat’s operations.
“[He] has been a core member of the team, playing a critical role in the turnaround plans of Tongaat. He has provided invaluable support to the business rescue practitioners since October 2022 and throughout the [subsequent] business rescue process. Rob has demonstrated leadership, grit and commitment through challenging and uncertain times.”
Tongaat and its business rescue practitioners thanked Marokane for his leadership and contributions and wished him well at Eskom.
“The company and the business rescue practitioners would also like to wish Rob all the best in his new appointment and commit to providing him with the full support required in the journey that lies ahead,” says the statement.
