Exxaro CEO Dr. Nombasa Tsengwa Steps Down Amid Governance Probe

In a surprising turn of events, Dr. Nombasa Tsengwa, the CEO of Exxaro Resources, has announced her resignation following an ongoing corporate governance investigation. This unexpected departure raises questions about the company’s leadership during this critical period. With a sharp focus on ethical business practices, the company faces a challenging chapter as the probe unfolds, leaving stakeholders to wonder what comes next for Exxaro’s future.

The move follows a decisive action by the board in December 2024, when Dr. Tsengwa was placed on precautionary suspension. This step was taken as an independent investigation was launched to examine serious allegations concerning her workplace behaviour and the company’s governance practices. The investigation’s findings are set to determine the next course of action, leaving the company at a critical juncture.

An esteemed law firm, ENS, was tasked with leading an independent investigation into the allegations against Dr. Tsengwa. While the board emphasised its unwavering commitment to handling such matters with utmost seriousness, it made clear that no conclusions would be drawn until the investigation’s findings were fully presented. The company’s approach underscores its dedication to transparency and accountability, leaving the outcome to be determined by the facts.

The company made it clear that it would carefully consider the investigation’s outcome before deciding on any further actions, if necessary.

During Tsengwa’s suspension, Exxaro appointed Pieter Adriaan Koppeschaar, the company’s finance director, as Acting CEO. Koppeschaar will continue in this role until a permanent successor is named, ensuring the company’s leadership remains stable during this transitional phase.

The board expressed its gratitude for Dr. Tsengwa’s years of dedicated service and extended their best wishes for her future endeavours. “We are launching a swift search to identify and appoint a new CEO, one who will lead our business forward, championing growth, excellence, and innovation,” Qhena stated, underscoring the company’s commitment to a strong and dynamic future.