Denel CEO Danie du Toit resigns
Danie's resignation comes after Denel announced a widened loss to R1.75 billion.
Denel has announced the resignation of CEO Danie du Toit after only 18 months at the helm. Danie will leave the company in August.
The state defense company saw its net loss widen from R1.06 billion to R1.75 billion in its 2019 financial year with a debt of R3.4 billion.
Despite receiving R1.8 billion of additional funding in August to clear its debt, the company has struggled most of 2020 with liquidity problems and has been unable to pay staff their full salaries due to Covid-19.
“The board has taken far-reaching steps to stabilise the business and prepare Denel’s long-term sustainability,” the group said in a statement.