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South African petrochemicals company Sasol has promoted Walt Bruns to chief financial officer, it said on Tuesday, replacing Hanre Rossouw at the start of next month.
Sasol said Rossouw resigned to pursue a different career opportunity after two years with the company. He leaves on Aug. 31.
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Bruns, who is currently finance chief of Sasol’s southern African operations, steps up at a challenging time for the company, which delivered a profit warning on Monday after weaker prices prompted heavy writedowns on the carrying value of its chemicals and fuel assets.
Sasol, which produces chemicals and synthetic fuels from coal, said it will report a basic loss per share of between 68.82 rands and 71.48 rands for the year to June 30, compared with basic earnings per share of 14 rands the previous year.
The company’s shares opened with a 1% decline on the Johannesburg Stock Exchange and have slid by 31% since the start of the year. (Reuters)
