Wescoal appoints new CEO, reconstitutes board
JSE-listed Wescoal has appointed Reginald (Reg) Lavhelesani Demana, a mining and resources specialist, CEO, effective April 1.
He will take over from interim CEO Dr Humphrey Mathe, who took over the position following former CEO Waheed Sulaiman's resignation in January.
Demana spent over 14 years at the forefront of investment banking at Nedbank, focussing on mining advisory work. His scale of expertise includes merger and acquisition activity, black economic empowerment structuring, capital raising, initial public offerings and general strategic corporate finance.
Meanwhile, Mathe will, from July 1, succeed Muthanyi Robinson Ramaite as Wescoal chairperson.
In addition, businessperson and director of companies, Zukie Siyotula, and mining investment guru, Dr Martin van Wijngaarden, have been appointed as independent nonexecutive directors, effective February 14.
“The reconstitution of the board signals the strategic intent for the next phase of growth of the company, with a central focus on the creation of value for shareholders,” says Ramaite, who has overseen the transformation and expansion of Wescoal for the past ten years.
“Our major shareholder is committed to a long-term anchor investment in the company, its growth strategy and its position as a black-controlled mining champion. The appointments are in line with the board’s commitment to revitalise, bolster and renew the skills set and capacity for oversight, independence and leadership which it provides to the organisation.”
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