Rhidwaan Gasant has been appointed as an independent non-executive director to the board of the multinational chemicals and energy company Sasol Group, effective February 1.
As it continues to fortify its governance and leadership frameworks during a difficult time for the group, the company made the announcement on the JSE-Sens.
The announcement comes shortly after Sasol’s share price came under pressure following a downgrade by JPMorgan.
Shares fell below R100, representing a drop of more than 16% from the previous week’s high of R121. They have declined by more than 70% since 2022.
The stock reached a low of R55 in April.
Muriel Dube, the chairperson of the Sasol board, confirmed that Gasant meets the independence standards required for directors in both South Africa and the US.
“We are pleased to welcome Rhidwaan to the Sasol board. His extensive financial, governance and energy sector experience will further strengthen the board’s oversight and strategic guidance as Sasol continues to deliver on its commitments to shareholders and other stakeholders,” said Dube.
Extensive experience in finance
The appointment, according to Sasol, aligns with the JSE listing requirements and the bourse’s debt and specialist securities listings requirements.
Gasant is a chartered accountant with extensive experience in finance, governance, and the energy sector. He previously worked as a senior audit manager at KPMG before joining Mobil Oil Southern Africa.
During his career, he has held several senior executive roles across the energy industry.
He later became financial director of Engen Limited and went on to serve as the CEO of Energy Africa.
In addition to his executive experience, Gasant has served in several high-profile board positions.
These include 14 years as lead independent director of AngloGold Ashanti and nine years as audit committee chairman of MTN Nigeria Communications.
The company attested to Gasant’s more than three decades of experience in corporate, financial, and governance, which he has acquired both domestically and abroad.
