Exxaro appoints Ben Magara as new CEO
Mining engineer Ben Magara will now come in as the company’s new CEO in April.
Exxaro’s new Chief ExecuFILE: Ben Magara, CEO of Lonmin PLC, speaks at the 20th Annual Investing in Africa Mining Indaba on 4 February 2014, at the International Convention Centre in Cape Town. Picture: RODGER BOSCH/AFP
JOHANNESBURG - Johannesburg Stock Exchange (JSE)-listed coal miner Exxaro has a new chief after a falling out with former CEO Nombasa Tsengwa.
Mining engineer, Ben Magara, will now come in as the company’s new CEO in April.
His appointment follows an ugly spat between Exxaro and Tshengwa who resigned in March amid a probe into allegations of workplace conduct and governance issues.
Tsengwa was placed on precautionary suspension last year after the Sunday Times published claims by anonymous sources alleging she had bullied and intimidated staff.
Tsengwa was blamed for the exodus of several executives from the company.
Riaan Koppeschaar has held the fort since then but will return to his post as finance director when Magara assumes the CEO position in April.
Magara was CEO of Platinum Mine Lonmin when it was acquired by rival Sibanye-Stillwater in 2019.
He had been appointed shortly after the deadly wage dispute between workers and Lonmin management in Marikana in what became the country’s worst wildcat strike, where 34 miners were killed.
A veteran mining boss, Magara is known for turning tough situations around.
He’s now expected to lead Exxaro’s turnaround as the company faces lower profits.
In its latest report, Exxaro reported a 36% fall in annual profit.