Denel appoints Carmen le Grange as its new group CFO to further stabilise its financials

Carmen's appointment will contribute towards a strong culture of corporate governance for Denel.

On Monday 9 September, Denel announced the appointment of a new group CFO Carmen le Grange with immediate effect. She will also serve on the board of the company. 

Her appointment comes after previous CFO Odwa Mhlwana was fired in November 2018. He was found guilty of all disciplinary charges relating to irregular expenditure. At that time, the state-owned arms manufacturer appointed former ArcelorMittal SA CEO Wim de Klerk as acting CFO while it started the process of finding a permanent replacement for Odwa. 

Denel stated that her appointment will “strengthen Denel’s management team and contribute towards a strong culture of corporate governance”. 

According to the statement, in her new position, she will oversee the financial affairs of the Denel group, play a critical role in improving audit results, financial systems and capability. She will also be working closely with the Auditor General of South Africa and the investor community. 

Denel group CEO Danie du Toit said that Carmen is joining the company at a time when its turnaround strategy is starting to deliver results. “There have been huge improvements in corporate governance and the government’s recent decision to recapitalise the organisation will put Denel on a sustainable growth path,” he said. 

“We expect Carmen to play a leadership role to further stabilise Denel’s finances and implement the measures introduced by the Board to improve performance and restore confidence in the future of the company among stakeholders, partners and suppliers.” 

Carmen has served as a partner at PwC for more than a decade before founding an advisory consulting practice of her own. She currently serves on the audit committee of the Department of Tourism and on the education and transformation committee of the Independent Regulatory Board of Auditors

Du Toit says she joins a capable and highly committed leadership team to take Denel forward in the next phase of its growth. This follows the recent appointment of Sello Ntsihlele as CEO of Denel Dynamics and Mxolisi Makhatini as head of the Landward division. 

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