Logistics group Grindrod has tapped insider and Transnet veteran Kwazi Mabaso as its new CEO as SA’s rail reform agenda opens a new chapter for the company.
Mabaso, who will take over from Xolani Mbambo on December 1, is currently the CEO of Grindrod Terminals, bringing more operational muscle to the company’s board.
He brings a decade of experience at Transnet, where he held senior roles at Richards Bay Terminals, Durban Container Terminal and the Manganese Corridor.
He also held a leadership position at Transnet’s North-East Corridor, which Grindrod was granted access to as a third-party operator in September.
In a statement on Friday, Grindrod said Mabaso had been central to the execution of the large, strategic mergers and acquisitions it had concluded this year in line with its growth strategy.
In the first half of the year, Grindrod consolidated its ownership of the Matola terminal in Mozambique and sold its 50% stake in marine fuel trading unit Cockett.
The resultant cash injection (including nearly R903m in one-off profit) sent shares in the group to their highest level in nine months after Grindrod rewarded shareholders with a special interim dividend.
Investors warmed to the group even more after it was awarded third-party access to SA’s rail network: a landmark win which puts Grindrod at the coalface of the country’s flagship logistics reform agenda.
The company was granted access to Transnet’s northeast corridor, which links Richards Bay to the Limpopo River at Beitbridge, ultimately connecting SA’s rail freight system with those of Eswatini, Zimbabwe, Mozambique, Zambia and the Democratic Republic of Congo. The corridor carries 14% of Transnet Freight Rail’s volumes. The exact timing of when Grindrod will start to use it is unknown.
Grindrod chair Cheryl Carolus said: “Grindrod, under Kwazi’s leadership, will continue to pursue substantive growth through the alignment of our operations with our mission and strategic direction, capitalising on recent achievements.”
The company said it had conducted a rigorous search process to locate a CEO who would “lead Grindrod into its next phase of growth, and drive forward Grindrod’s strategy of delivering efficient, cost-effective integrated logistics solutions tailored to our customers’ needs.”
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