The CFO of ArcelorMittal SA (Amsa), Siphamandla Mthethwa, has resigned with immediate effect after a 16-day stint in the position.
In a statement to shareholders on Monday, the steel giant said Mthethwa was stepping down as CFO and executive director “for personal reasons” but did not elaborate.
Mthethwa’s appointment was announced in April just hours after Airports Company SA said that Mthethwa had resigned as CFO of the state-owned company that manages airports. At the time, Amsa said his appointment would come into effect on July 1, “or sooner if circumstances permit”.
His predecessor, Desmond Maharaj, vacated the position in May 2021, leaving Amsa — which counts the Industrial Development Corporation among its largest shareholders — without a permanent CFO for 23 months.
The board of the R4bn JSE-listed company said it had approved chief strategy officer Gavin Griffiths to act as CFO until a new candidate is chosen.
A qualified chartered accountant with experience at a senior executive level, the Amsa board said Griffiths “is well qualified and has the necessary experience and understanding of the steel industry and the company to fulfil this role effectively.”
Amsa has said it was planning to consolidate some of its operations to create a leaner and more efficient business in response to softer prices and low demand which have battered the group over the past decade.
The group — which had previously said it was looking at building two 100MW power plants in the Western Cape and Gauteng — said it would now be looking at constructing one large 200MW station in Gauteng, with construction planned to begin at the end of 2023.
It is also pursuing power purchasing agreements with third-party renewable energy providers while eyeing wind power solutions in Newcastle in the long term.
Amsa’s share price closed 2% lower at R3.49 on Monday, having slipped more than 30% over the last year.
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