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EXXARO RESOURCES LIMITED - Exxaro CEO, Sipho Nkosi, to retire: Board appoints Mxolisi Mgojo as CEO-designate

Release Date: 30/03/2015 14:07:00      Code(s): EXX     
Incorporated in the Republic of South Africa
(Registration Number: 2000/011076/06)
JSE share code: EXX
ISIN code: ZAE000084992
(?Exxaro or the Company?)

Exxaro CEO, Sipho Nkosi, to retire: Board appoints Mxolisi Mgojo as CEO-designate
Shareholders are advised of the following executive changes within the Group:

   *   Sipho Nkosi, chief executive officer (CEO), will retire on 31 March 2016
   *   Mxolisi Mgojo, currently Exxaro?s executive responsible for carbon operations, has
       been appointed to serve as CEO-designate in a transition period effective from 1 May
       2015 until 31 March 2016 when his appointment as CEO will become effective
   *   Dr Nombasa Tsengwa, currently general manager for Mpumalanga coal operations,
       will be appointed to act in the role of executive head - carbon operations, previously
       occupied by Mr Mgojo, from 01 May 2015 until further notice.
Sipho Nkosi will retire as CEO and retire from Exxaro after leading the Group over the past
seven years since November 2007, a year after it listed on the securities exchange of the
JSE Limited (JSE) following the unbundling of Kumba Resources Limited (Kumba).
Mr Nkosi was instrumental in the formation of Exxaro which involved the merger of Kumba?s
coal, mineral sands and base metals assets with Eyesizwe Coal, a company he had
previously formed with others.
Under Mr Nkosi?s leadership, Exxaro has developed into one of the largest and foremost
black-owned, South African-based diversified resources companies.
He believes that following the successful growth of the Group and progress achieved in
implementing its strategy, it is time to retire. Mr Nkosi has established an experienced,
capable and diverse management team which is well-placed to take the Group forward.
The board of directors of Exxaro (the Exxaro Board) would like to thank Mr Nkosi for his
tenure in which the Group?s net asset value per share increased by 231% to R96 per share
from R29 in 2007.
The appointment forms part of a carefully considered succession plan managed by the
Exxaro Board which has taken place over the past three years.
The Exxaro Board has opted for a transition period in which Mr Mgojo will serve as CEO-
designate to ensure a phased hand-over of accountabilities and responsibilities.
Prior to assuming his current position in August 2008, Mr Mgojo was an executive general
manager responsible for Exxaro?s base metals and industrial minerals commodity business.
Leading up to the formation of Exxaro, he was a founding member of Eyesizwe Coal, and
served as marketing and logistics director at the company.
Mr Mgojo is 54 years of age and has more than 20 years of experience in the operational,
financial, logistics and marketing arenas, predominantly in the investment banking and
resources sectors. He holds a Bachelor of Science degree in computer science, an honours
degree in energy studies, an MBA and has completed an Advanced Management
?The Exxaro Board would like to thank Sipho for developing Exxaro into a leading South
African resources company and for delivering significant value to stakeholders. The Group
has a strong balance sheet, solid growth potential and is poised to move to the next level of
growth,? said Dr Len Konar, chairman of the Exxaro Board.
Under Sipho?s leadership Exxaro has achieved an 80% reduction in fatalities and a 50%
reduction in lost time injury frequency rate.
?The appointment of Mxolisi is the culmination of a thorough succession plan that was
implemented over several years. The Exxaro Board is pleased to welcome him as our CEO-
designate and we look forward to the strategic management, business acumen and
operational know-how that he will bring to bear in the roll-out of the Company strategy,? he
?Mxolisi will draw on the support of executives who between them have extensive
experience in all facets of the business,? added Dr Konar.
Dr Tsengwa has been with Exxaro for more than 10 years serving in various roles including
general manager SHEC and in the past three to four years heading up the Mpumalanga coal


30 March 2015

Deutsche Securities (SA) Proprietary Limited

Date: 30/03/2015 02:07:00 Supplied by www.sharenet.co.za                     
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