Denel Group CEO resigns

State-owned defence industrial group Denel announced on Tuesday that its Group CEO, Zwelakhe Ntshepe, had resigned. The resignation was also with effect from Tuesday. He had been appointed Group CEO only six months ago, following two years in which he had been acting in that capacity. Ntshepe had been with Denel for 20 years. He stated that his resignation was for personal reasons. Recently appointed Board Chairperson (Ms) Monhla Hlahla expressed the Board’s thanks to him for his contribution to Denel. “Ms Hlahla further wishes to assure employees, suppliers, customers and all stakeholders that the board is focused on a turnaround that will deal with the current liquidity and performance issues in the company,” stated the Denel press release. Denel Aeronautics CEO Michael Kgobe has been appointed acting Group CEO.