[miningmx.com] — ACTING group CEO of Transnet Chris Wells will relinquish his position with effect from March 31 2011, the Transnet board announced on Monday.
Wells joined Transnet as chief financial officer in January 2005.
In March 2009 the board, with the support of Transnet’s only shareholder, the state, asked him to take the reins as acting group chief executive following the departure of Maria Ramos, who was chief executive at the time.
The search for a replacement for Ramos was tarnished by a dispute between Transnet and the former CEO of its freight rail division, Siyabonga Gama, who in 2009 claimed that disciplinary action against him was designed to prevent him from assuming the post of Transnet group CEO.
In September 2009 BP Southern Africa CEO Sipho Maseko emerged as a preferred candidate of the Transnet board. However, he declined to take up the post because of the tensions surrounding the dispute with Gama.
“Thankfully, Mr Wells, who had previously indicated that he did not wish to be considered for permanent appointment, was able to put his career on hold and take charge, assembling a team of capable professionals around him,” the board said.
“Mr Wells has advised the board that should a permanent chief executive be appointed and able to take up the position before his desired date of departure, he would be willing to step down earlier. This, we believe, will give the board the time and flexibility to proceed with appointing a successor. This decision was finalised and shared with relevant stakeholders a week ago,” it said.
“He will make an announcement about his future at an appropriate time,” Transnet said in a statement.
It added: “Mr Wells’ leadership and commitment to the company, far beyond what might have been anticipated, have been profoundly beneficial to Transnet. The publication of the pleasing half-year results a few days ago bears testimony to his clear direction and focus on improving operational performance – an indication of the success of the Quantum Leap strategy he initiated over a year ago,” it said.
