Talib will be taking over from exiting group CEO Danie du Toit with immediate effect.
Denel has appointed independent non-executive director Talib Sadik as its interim group CEO with immediate effect. He will be taking over from Danie du Toit, who resigned after only 18 months at the helm.
Read more: Denel CEO Danie du Toit resigns
According to a statement by the company, Talib, a qualified chartered accountant, has worked with the Denel board in developing the turnaround plan and positions him well for a seamless transition. He previously served as the group’s CEO between 2008 and 2012.
Most recently, Talib served as the interim CFO of Adcorp Holdings to assist 2020 CFO Awards nominee Cheryl-Jane Kujenga, who was serving interim CEO at the time, until she resumed her role as CFO. CJ has since resigned from Adcorp Holdings.
Read more: CJ Kujenga resigns as Adcorp holdings CFO
Chairman Monhla Hlahla confirms that the company’s board is continuing its efforts to transform Denel into a sustainable defence and advanced manufacturing company. “The shareholders and the board continue to find solutions to resolve the short-term challenges of the company,” Monhla said.
The company said that the recruitment process for a permanent group CEO is underway.