South African Transnet acting CEO Chris Wells to step down

THE acting CEO of South Africa' state-run transport giant Transnet, Chris Wells, will step down at the end of the company's fiscal year on March 31.

Mr Wells is willing to leave earlier if asked to do so, according to London's Containerisation International, having been acting CEO of the freight rail, ports and pipelines group since March 2009, having joined Transnet as chief financial officer in 2005.

The decision by Mr Wells "leaves a further vacuum at the senior management level of the group which also has an acting chairman, Geoff Everingham, and several other appointees in acting positions, including the position of CEO of Transnet Rail Freight, the company's largest operating unit," the report said.

Mr Wells is credited with bringing a level of stability to the group and forging ahead with the turnaround and growth strategy, said London's Containerisation International. "His so-called 'Quantum Leap' strategy now appears to be bearing fruit as the most recent interim results testified. Indeed net profit soared by 35 per cent to ZAR1.7 billion (US$247.37 million)," said the report.

Said Mr Everingham: "Despite being in an acting position, Mr Wells has not hesitated to act decisively, both with regards to determining strategy and in providing hands-on management."

Source: SchedNet