African steel giant ArcelorMittal SA shares dropped 2% after this week’s shock resignation by incumbent Siphamandla Mthethwa.

Mthethwa had only been in the crucial top post for 16 days and was also an Executive Director of AMSA.

His resignation means that AMSA has been without a permanent CFO for 23 months after its predecessor Desmond Maharaj left in May 2021.

Citing “personal reasons”, AMSA said it had accepted Mthethwa’s resignation in a short statement issued on Monday 17 July.

“The Company has agreed to the request by Mr Mthethwa, amongst others, for personal reasons, for his resignation to be with immediate effect,” said the statement issued by Tmi Didiza, Group Manager: Stakeholder Engagement and Communication.

AMSA’s Chief Strategy Officer (CSO) has been appointed to act as CFO until a new CFO is appointed and takes office, and subject to compliance with Section 3.84(f) of the JSE Listings requirements, according to Didiza.

“Mr Griffiths is a qualified Chartered Accountant and has the necessary experience at a senior executive level in business and financial roles. He is therefore well-qualified and has the necessary experience and understanding of the steel industry and the company to fulfil this role effectively,” said Didiza.

Mthethwa’s  appointment to AMSA was reportedly announced after his resignation from the State-owned Airports Company SA.