Table of Contents
Key Points
- Exxaro CEO Nombasa Tsengwa resigns amid an ongoing governance probe, following her precautionary suspension in December 2024.
- Finance Director Pieter Koppeschaar remains Acting CEO as Exxaro focuses on growth, diversification, and its transition to a low-carbon future.
- Under Tsengwa, Exxaro’s H1 2024 profit fell 37.5% to $268.7 million, driven by a 27% decline in coal earnings.
Exxaro Resources, a Gauteng-based mining and resource company, has announced the immediate resignation of its CEO, Nombasa Tsengwa, as an independent investigation into governance practices continues.
Tsengwa’s resignation follows her precautionary suspension in December 2024 amid an independent probe into allegations concerning workplace conduct and governance. The investigation, led by leading law firm ENS, was commissioned to assess the claims thoroughly, with the board emphasizing its commitment to governance integrity and due process.
“The board has accepted Dr. Tsengwa’s resignation and thanks her for her years of service,” Exxaro Chairman Geoffrey Qhena said in a statement. “We remain committed to identifying a new CEO who will drive growth, innovation, and operational excellence.”
Leadership transition and strategic focus
Following Tsengwa’s suspension, Exxaro’s Finance Director Pieter Adriaan Koppeschaar was appointed Acting CEO and will remain in the role until a permanent successor is named. The company assured stakeholders that it remains steadfast in its strategy of maximizing asset value and expanding its footprint in diversified minerals and renewable energy solutions.
Exxaro, a key player in South Africa’s resource sector, operates across South Africa, Europe, the Democratic Republic of the Congo, and the United States, with interests spanning coal, titanium dioxide, ferrous metals, and energy. The company has been advancing its transition toward a low-carbon future, aligning with global sustainability trends. Exxaro advances green economy leadership with stronger ESG Ratings.
Tsengwa’s tenure and financial performance
Tsengwa, who took the helm as CEO in March 2021, steered the company through significant challenges, including post-pandemic economic shifts and civil unrest in 2021.
Under her leadership, Exxaro’s first-half 2024 profits fell 37.5 percent to $268.7 million, weighed down by a 27 percent decline in coal earnings. Despite headwinds, the company continued its push for operational efficiencies and governance improvements.
A veteran mining executive with over two decades of industry experience, Tsengwa joined Exxaro in 2003 and steadily climbed the ranks. She was appointed Head of Coal Operations in 2016, later Managing Director Minerals, from July 2020-Feb 2021, before assuming the CEO role in March 2021. During her tenure, she championed sustainability and innovation, reinforcing Exxaro’s position as a key player in South Africa’s evolving energy landscape.
Community engagement and future outlook
Beyond corporate governance, Exxaro has maintained its focus on community development. The company handed over a school hall and four classrooms to Nelsonskop Primary School near its flagship Grootegeluk Mine in Limpopo, reinforcing its commitment to social investment.
With Tsengwa’s exit, Exxaro is set to embark on a leadership transition aimed at reinforcing its strategic growth initiatives while navigating evolving market dynamics in the resource and energy sectors.
