Coal mining and distribution group Wescoal Holdings Limited today announced major changes to its board and executive team, with the appointment of the Group Chief Executive Officer and the reconstitution of its board of directors.
Reginald (Reg) Lavhelesani Demana, a mining and resources specialist has been appointed as Chief Executive Officer effective April 1, 2019 taking over from interim CEO Dr Humphrey Mathe. Demana spent over 14 years at the forefront of investment banking at Nedbank Limited focussing on mining advisory work. His scale of expertise includes M&A activity, BEE structuring, capital raising, IPOs and general strategic corporate finance.
Long-standing chairman Muthanyi Robinson Ramaite will step down at the end of June 2019 and Dr Mathe, elected by the board as the in-coming chair will commence his duties on the 1st of July 2019. Mathe was first appointed to the board in August 2013.
In addition, business woman and director of companies, Ms Zukie Siyotula and mining investment guru Dr Martin van Wijngaarden, have been appointed as independent non-executive directors effective 14 February 2019.
“The reconstitution of the Board signals the strategic intent for the next phase of growth of the company, with central focus of creation of value for shareholders,” according to Robinson who has overseen the transformation and expansion of Wescoal for the past 10 years.
“Our major shareholder is committed to a long-term anchor investment in the company, its growth strategy and its position as a black-controlled mining champion. The appointments are in line with the Board’s commitment to revitalise, bolster and renew the skills set and capacity for oversight, independence and leadership which it provides to the organisation.”