NOMBASA Tsengwa, CEO of Exxaro Resources has been exonerated of wrongdoing by a board investigation amid a string of executive resignations.
Business Times on Sunday cited a letter written by Tsengwa to staff last week in which she said: “Our board has been proactive in dealing with such matters and found no wrongdoing or breach of the code of conduct in suspending the employees”.
However, Business Times said Exxaro’s board had appointed a top forensic firm to probe allegations made by an anonymous whistle-blower who cast aspersions on Tsengwa’s leadership behind the departure of key executives.
These senior executive departures include the company’s head of coal, Kgabi Masia who was put on suspension while on a work trip in Switzerland.
Senior staff turnover has been significant, said Business Times which first wrote of Exxaro’s turmoil on November 24.
Roland Tatnall, who was the MD of Cennergi, the group’s renewable energy business, Vanisha Balgobind, former executive head of human resources, and the person who replaced her in an acting capacity, Hemuna Bhola have all left the company, the publication said in its first report.
Others who resigned are Alex de Angelis, executive head of strategy; Bathabile Ponu, the chief internal auditor; and Louis Retief, executive head of information management, said Business Times. Andiswa Ndoni, the company secretary, is on suspension, while chief investor relations officer Ling-Ling Mothapo has been placed on gardening leave, and it wasn’t clear if she would return to work, the newspaper said.
Former and current executives who spoke on condition of anonymity to Business Times alleged Tsengwa had created a culture of fear. They also bemoaned the slow pace of executing on group strategy to diversify into green metals, including manganese, to reduce Exxaro’s over-reliance on coal revenue, said the publication.
Yet Tsengwa struck a defiant note. Citing the letter, Business Times quoted Tsengwa as saying this week: “I have served the Exxaro family with humility and dignity for over 21 years with an unblemished record working in many different roles.
“Therefore, I am committed to continuing to serve the interests of our shareholders, stakeholders, and you our employees; fostering a healthy culture within the organisation while striving to set very high-performance standards”.
Board chairman Geoff Qhena declined to comment when contacted on Friday, referring Business Times to the letter released to staff.
Exxaro is due to report its finance director’s pre-close statement for the group’s 2024 financial year on December 3 (Tuesday).
