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Wells to step down as Transnet acting CEO

Transnet acting CEO
Chris Wells “’ to step
down next March
 
Johannesburg, South Africa — MININGREVIEW.COM — 02 November 2010 – The Transnet board has announced that acting group CEO Chris Wells will relinquish his position with effect from 31 March 2011.

Wells joined Transnet as chief financial officer in January 2005.

Miningmx reports that in March 2009 the board, with the support of Transnet’s only shareholder, the state, asked him to take the reins as acting group chief executive, following the departure of Maria Ramos.

It added that the search for a replacement for Ramos was tarnished by a dispute between Transnet and the former CEO of its freight rail division, Siyabonga Gama, who claimed that disciplinary action against him had been designed to prevent him from assuming the post of Transnet group CEO.

In September 2009 BP Southern Africa CEO Sipho Maseko emerged as a preferred candidate of the Transnet board. However, he declined to take up the post because of the tensions surrounding the dispute with Gama.

“Thankfully, Wells “’ who had previously indicated that he did not wish to be considered for permanent appointment “’ was able to put his career on hold and take charge, assembling a team of capable professionals around him,” the board said.

“Wells has advised the board that should a permanent chief executive be appointed and able to take up the position before his desired date of departure, he would be willing to step down earlier. This, we believe, will give the board the time and flexibility to proceed with appointing a successor,” it added.

"He will make an announcement about his future at an appropriate time," Transnet said.

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