Sibanye’s Froneman calls for SA president Jacob Zuma to quit

Neal Froneman, Sibanye-Stillwater CEO

SIBANYE Gold CEO, Neal Froneman, believed it was time for South African president Jacob Zuma to relinquish power as governance issues were deterring investment.

In an interview with Bloomberg News, Froneman said: “Any solid investor, any solid company is founded on good governance and what we have in South Africa at the moment is very poor governance, from a government point of view”.

Froneman joins a “growing chorus” of South African business leaders criticizing the president’s stewardship of the economy, said Bloomberg News referring to comments by Sipho Pityana, chairman of AngloGold Ashanti Ltd. who last week said Zuma had “no integrity” and his actions are putting South Africa at risk of a credit-rating downgrade to junk.

4 COMMENTS

  1. Well done Neal, Always brave and courageous and most often on the money! Your shareholders will reward you and the country largely agrees with you even if not brave enough to say it publicly. JZ knows you are right and so do all his supporters and associates. Trouble is many are feeding at the trough and scared of what the future holds if it stops. It will eventually!

    • Well the trough is running dry… Soon SA will just be another bankrupt African state that no one really cares about…

  2. When a company executive is confounded and realizes that the promises he/she made to investors/shareholders will not see the light of the day. The executives tends to prepare their Exit by either becoming political in their narratives or by making reckless statements to the market that will annoy the board and he/she will be handed a golden handshake and exit the sphere.
    Neal is clearly confused because what he is calling for is NOT NEW. We have been hearing this ‘chorus’ continuously for the past 3-4years. He should focus on his mandate and ensure that shareholders are realizing a return on their investments as he promised when he closed his eyes and grabbed Anglo’s liability. When Neal made promises, already the ‘chorus’ for JZ to step down was at high pitch. If Neal cannot deliver, he should PLEASE BOW his head and step down quietly and stop singing choruses that he did not start. Not forgetting that on average he earns, 355 times that of the mining sector’s median earning. He like many are continuing to reap from the inequality in SA which JZ has done nothing to write home about. Neal should rather bow down with pride and give others with good intentions a chance to take this country forward.
    Moleko WaDihele

  3. Moleko really has no idea what he is talking about. Neal of anyone in the mining industry HAS delivered and will continue to deliver. He might need to do it with a few thousand less workers to keep up his return promises to his shareholders because so many are unproductive. The salary he earns is paid by shareholders with a smile, he deserves it and it is a fraction of what he has made shareholders – that’s how it works at the top! The likes of JZ who delivers nothing and then has to steal from his shareholders is a disgrace and Neal is right to speak out! More CEO’s will do the same till the chorus is to loud to ignore. Go back to school Moleko, you need it!

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