Denel, the largest manufacturer of defence equipment in South Africa has announced the resignation of its Group Chief Executive Officer, Danie du Toit, on Monday.
Du Toit will continue to render his services until 15 August. Meanwhile, the company will appoint an interim Group CEO and a further announcement will be released in due course.
“Denel remains an innovative defence, security and related technology solutions company, providing solutions of defence, security and related technologies, to clients both domestic and international.
“The turnaround plan is focusing on protecting promising business lines, disposing of non-core assets, and seeking strategic partners to increase access to international markets, contribute skills and funding to a profitable Denel. The Board has taken far-reaching steps to stabilise the business and prepare the ground for Denel’s long-term sustainability,” said the company in a statement.