The CEO of Denel, Zwelakhe Ntshepe, has resigned with immediate effect, the state-owned company said on Tuesday, announcing the appointment of the head of Aeronautics, Michael Kgobe as his interim replacement.
Denel said in a statement Ntshepe had cited "personal reasons for leaving the company".
“The Denel board of directors has accepted the resignation of the group’s Chief Executive Officer, Zwelakhe Ntshepe, with effect from today,” it said.
Ntshepe had been with the company for 20 years, and was appointed into the position six months ago, following a two-year acting period.
Kgobe has an aeronautical engineering background and has been with the company since May 2000, climbing up the management ranks and was appointed Chief Executive of Denel Aviation, the precursor to Denel Aeronautics, in 2010.
He is credited with overseeing the successful turnaround and diversification of the division and its rapid growth into being one of the best performing divisions within the Denel Group.
In April, Public Enterprises Minister Pravin Gordhan appointmented a new interim board for Denel, in a bid to bring stability to the troubled firm.
The board is chaired by Monhla Hlahla, the former CEO of ACSA and a non-executive director of various South African companies.
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