Sasol chief financial officer Paul Victor will step down after more than two decades with the fuel and chemical maker.
He will be succeeded by Royal Bafokeng Platinum's CFO Hanré Rossouw, Sasol said on Thursday in a statement. Victor has agreed to remain with the company until June 30, 2022, when it reports annual results.
Victor held the role of CFO through a turbulent time for Sasol, as the company’s shares were battered by oil price volatility and it struggled to contain cost overruns at the Lake Charles Chemicals Project in Louisiana. Ballooning debt forced the company to consider a $2 billion rights offer and accelerate a disposal of global assets.
Sasol shares rose 1.1% on Thursday, bringing this year’s gains to more than 64% amid higher oil prices and the conclusion of significant asset sales. That’s allowed the company to avoid the share sale.
Rossouw, who will join Sasol in April, has restructured RBPlat’s balance sheet by refinancing debt, introducing a new capital allocation framework and a new dividend policy, Sasol chairman Sipho Nkosi said in the statement. Rossouw has also held roles as portfolio manager at Investec Asset Management and CFO of Xstrata Alloys.