Warren Dick
1 minute read
9 Mar 2016
12:34 pm

Wim de Klerk new Arcelor Mittal SA CEO

Warren Dick

Replaces Paul O’Flaherty.

Wim de Klerk will become ArcelorMittal South Africa’s (AMSA) CEO from the September 1 following the conclusion of an “extensive” search for a permanent replacement for Paul O’Flaherty.

De Klerk is currently the financial director of Exxaro Resources, a position he has held since 2008. He will continue in this role until the end of August to assist with the handover of responsibilities to Mxolisi Mgojo, who succeeds Sipho Nkosi as CEO.

AMSA Chairman Mpho Makwana, told Mineweb that the search comprised looking at candidates from around the world as due to the global nature of ArcelorMittal’s business. The eventual shortlist comprised four South Africans. “Mr De Klerk prevailed in that he understood exactly where our strategy was at, and we felt he would fit hand-in-glove where we are with the strategic path we have adopted.”

Continuity in the execution of the strategy begun by O’Flaherty to turn the fortunes of AMSA around, and continue to repair the relationship with crucial stakeholders like the economic cluster of government, was paramount in the board’s decision. “But we also need someone to come in and inject new ideas while maintaining our chosen strategic path.”

ArcelorMittal’s share price was trading 8% lower yesterday before the announcement. It then rallied to close 2% lower at R9.90/share.

Brought to you by Moneyweb