Denel CEO Danie du Toit will step down next month

Denel's chief executive officer Danie du Toit will step down next month.
Denel Denel's chief executive officer Danie du Toit will step down next month.
Image: RODGER BOSCH / AFP

Danie du Toit, the chief executive of South Africa’s struggling state-owned defence firm Denel, will step down from August 15, the company said in a statement on Monday.

Denel — one of several loss-making state companies the government has kept afloat with bailout funding — has struggled to pay employee salaries amid a liquidity crisis aggravated by the COVID-19 pandemic.

The company did not say why du Toit was resigning, but it said an interim CEO would be appointed shortly.(Reporting by Joe Bavier and Alexander Winning) -Reuters

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