Denel’s G5 155mm 52 Calibre Artillery Gun.
Struggling state-owned arms producer Denel has introduced that its CEO Danie du Toit has resigned.
In a press release, Denel stated Du Toit will proceed to render his providers till August 15. An interim group CEO can be appointed “shortly”. Du Toit joined Denel firstly of 2019 as chief govt from SAAB Medav Applied sciences in Germany.
“Denel stays an revolutionary defence, safety and associated know-how options firm, offering options of defence, safety and associated applied sciences, to purchasers each home and worldwide,” Denel stated in a press release.
“The turnaround plan is specializing in defending promising enterprise strains, disposing of non-core property, and looking for strategic companions to extend entry to worldwide markets, contribute expertise and funding to a worthwhile Denel,”
In August final yr, Nationwide Treasury granted the state arms producer a R1.eight billion lifeline, which the corporate stated would assist in its turnaround plan.
In February, it introduced that its exit from its Aerostructures Manufacturing Enterprise was at a complicated stage and that “main steps” had been taken to minimise the influence on jobs.
In November final yr, in the meantime a Denel delegation advised Parliament that courts in Hong Kong had permitted the provisional liquidation of Denel Asia, the corporate which entered into an ill-fated three way partnership with the Gupta-linked VR Laser.