S.Africa's Omnia CEO resigns, finance director appointed as replacement
JOHANNESBURG, Aug 21 (Reuters) - South African chemicals and
fertiliser maker Omnia Holdings said on Wednesday its
chief executive officer Adriaan de Lange has resigned and will
be replaced by the current group finance director.
Seelan Gobalsamy, who has served in senior executive roles
at institutions including Liberty Holdings, STANLIB
Limited and Old Mutual, will assume the role of CEO
with immediate effect.
The company said de Lange stepped down for personal reasons
but would remain available in an advisory capacity.
Omnia said it planned to appoint additional non-executive
directors in due course in order to support the executive
management team responsible for implementing its new strategy.
In August the company said it planned a 2 billion rand ($130
million) rights issue which it will use to reduce debt.
The firm is also evaluating returns from its business units
and looking at cost cutting as it battles high debt and thin
margins squeezed by difficult trading conditions.
A slowdown in the manufacturing and mining sectors and
drought conditions have weighed on Omnia, which produces
chemicals and industrial products, fertilisers and explosives.
(Reporting by Tanisha Heiberg
Editing by Alexandra Hudson)
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