State-owned defence industrial group Denel announced on Tuesday that its Group CEO, Zwelakhe Ntshepe, had resigned. The resignation was also with effect from Tuesday. He had been appointed Group CEO only six months ago, following two years in which he had been acting in that capacity.
Ntshepe had been with Denel for 20 years. He stated that his resignation was for personal reasons. Recently appointed Board chairperson (Ms) Monhla Hlahla expressed the board’s thanks to him for his contribution to Denel.
“Ms Hlahla further wishes to assure employees, suppliers, customers and all stakeholders that the Board is focused on a turnaround that will deal with the current liquidity and performance issues in the company,” stated the Denel press release. Denel Aeronautics CEO Michael Kgobe has been appointed acting Group CEO.
Kgobe holds a Masters’ degree in Aeronautical Production and Maintenance from Toulouse in France. He has also successfully undertaken the Henley Business School Executive Development Programme and the University of South Africa Executive Leadership Programme.
He has been with Denel for some 18 years, becoming CEO of Denel Aviation in 2010. He was credited with successfully turning around and diversifying the business, growing it rapidly and making it one of the best performing divisions in the group.
In 2016 he was given the job of merging Denel Aviation and Denel Aerostructures into a single entity, the current Denel Aeronautics. The result is a business with 952 employees and consolidated 2016/17 revenues of R1.6-billion. “The Board welcomes Mr Kgobe into the interim role and looks forward to working with him on a successful outcome for Denel,” affirmed the press release.