BMF criticises Sasol’s appointment of joint CEOs

The Black Management Forum (BMF) is dismayed by Sasol’s decision to appoint two chief executive officers instead of just one CEO.

Bongani Nqwababa and Stephen Russell Cornel have been appointed as Joint-Presidents and CEOs of the synthetic fuels company.

BMF said on Monday the joint appointments exposed Sasol as not having a “thoughtful succession plan within the company with individuals who could assume CEO responsibilities independent of others”.

It said the appointments were also senseless as they introduced split accountability for a single bottom line and would prove expensive for the company.

The forum added that it was also worried “about the trend of appointing joint CEOs when the most deserving candidate is a black person”.

“Companies are undermining black talent and leadership by diluting their powers and responsibilities when it is their turn to lead. This practice is a clear demonstration of institutional racism that is embedded within corporate culture and practices.

“We note that some black directors and even chairmen who serve on Company Boards are now the promoters of this racist practice‚” BMF asserted.

It said it would seek a meeting with Sasol’s leadership to discuss the joint CEO appointments as well as other transformation-related matters.