Embattled state-owned arms manufacturer Denel today announced the appointment of Talib Sadik as its interim following the resignation of Danie Du Toit.
Denel in a statement said Sadik comes to the role with a wealth of experience.
“Mr Sadik, a qualified Chartered Accountant (SA) and former non-executive director has worked with the Board in developing the turnaround plan and positions him well for a seamless transition. Mr Sadik served as Denel’s Group CEO between 2008 and 2012 and brings a wealth of experience that will be of value to Denel,” the statement read.
“The Chairman of the Board, Ms Monhla Hlahla, confirms that the Board is continuing its efforts to transform Denel into a sustainable defence and advance manufacturing company and wishes to assure Denel’s employees, suppliers, customers and all other stakeholders that the Board’s focus on the turnaround strategy is top priority.”
The cash-strapped entity has struggled to pay employee salaries amid a liquidity crisis aggravated by the COVID-19 pandemic. IIn August last year, National Treasury granted the company a R1.8-billion lifeline which Denel said would aid in its turnaround plan.
