South Africa-based mining company Exxaro Resources has announced the resignation of its CEO, Nombasa Tsengwa, two months after her suspension amid a governance probe, reported Bloomberg.
The company’s long-time finance director, Riaan Koppeschaar, who has been the acting CEO since December, will continue in the role during the search for a permanent replacement.
Chairman Geoffrey Qhena confirmed that Exxaro Resources has accepted Tsengwa’s resignation and will commence an expedited process to appoint a new chief executive.
Tsengwa faced allegations related to “workplace conduct and governance practice”, which led to her precautionary suspension.
Exxaro Resources appointed law firm ENS to conduct an independent investigation into these claims, the company said in December.
The accusations against Tsengwa included bullying, conflict of interest and breaches of duty of good faith.
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By GlobalData
In the resignation letter, Tsengwa expressed her belief that the investigation’s process and her questioning at ENS offices indicated a “predetermined outcome”, leading to her decision to resign.
Tsengwa made history as Exxaro’s first female CEO when she took the position in August 2022, after leading the company’s coal division.
Tsengwa was also elected president of the Minerals Council of South Africa in June last year.
The resignation occurs at a time when Exxaro Resources is seeking to diversify its portfolio beyond coal.
After an unsuccessful bid to acquire a copper mine, the company is exploring opportunities in manganese, including potential discussions around acquiring the Tshipi Borwa mine, the media outlet reported, citing sources in December.
