South African tycoon Sipho Nkosi steps down from Sasol

South African businessman and leading corporate executive Sipho Nkosi has decided to step down from his roles as Chairman and non-executive director of Sasol Limited, the global integrated energy and chemicals group.

Nkosi’s decision, effective Nov. 10 2023, is rooted in his consideration of potential conflicts of interest that may arise due to his diverse business ventures.

While expressing confidence in his ability to adhere to conflict of interest requirements outlined in the Companies Act, 2008, and Sasol’s internal policies, Nkosi acknowledged lingering concerns that some of his business interests might be perceived as conflicting with the best interests of Sasol.

The unexpected departure of the seasoned business leader has prompted stakeholders to closely examine the delicate balance between personal business pursuits and corporate responsibilities, raising questions about the broader implications of Nkosi’s exit.

Board swiftly appoints Stephen Westwell as interim chairman, initiates succession planning

In response to Nkosi’s decision, the board of directors swiftly appointed Stephen Westwell, the current non-executive and lead independent director, as the pro tem chairman of the board of Sasol, effective Nov. 11, 2023.

The Nomination and Governance Committee will soon nominate a successor for the role of chairman in line with its formal succession plan.

Commenting on Nkosi’s departure, Stephen Westwell expressed appreciation for the leadership provided by Nkosi, particularly in determining the future Sasol strategy and its successful implementation. The board commended Nkosi for his dedication during his tenure as chairman and extended best wishes for his future endeavors.

A legacy of leadership, entrepreneurship, and influence

Nkosi, a stalwart in South Africa’s business arena, has left an indelible mark on the corporate landscape, having held pivotal roles on the boards of leading companies. Notably, he served as the recent chairman of Sasol, holds a directorship at Sanlam, and stands as the co-founder and chairman of Talent10.

His illustrious career encompasses a stint as the CEO of Exxaro Resources Ltd. and a tenure as the president of the Chamber of Mines of South Africa. Renowned for his entrepreneurial acumen, Nkosi has been instrumental in propelling business development in South Africa.

A coveted speaker at global business events and conferences, he seamlessly intertwines insight and experience, making him a compelling voice in the international business discourse.