Exxaro CEO Nombasa Tsengwa suspended

Exxaro Resources' board has placed CEO Nombasa Tsengwa on precautionary suspension with immediate effect, pending the outcome of an independent investigation into allegations related to workplace conduct and governance practice, the company said in a statement on Wednesday.

The board said in a statement it believed the decision is in the best interests of both the company and Tsengwa.

"While on suspension and for duration of the investigation, Tsengwa will step back from all executive and Exxaro board duties. The independent investigation will be conducted by a reputable law firm, ENS," said the statement.

"The board takes any such allegations and resultant investigations very seriously but makes no presumption as to its conclusion. The company will be guided by the outcome of investigation before taking the appropriate action, if any."

The board has appointed longstanding financial director Riaan Koppeschaar as acting CEO. 

Exxaro chair Geoffrey Qhena said: "The board is fulfilling its fiduciary duties by taking decisive steps to act in the best interests of the company and stabilise its leadership while it conducts an appropriately thorough and independent investigation in line with company values and policies."  

Last week Business Times reported that nine executives had resigned in frustration or been suspended since Tsengwa took over in August 2022.

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