DENEL SOC LIMITED - Denel board appoints interim group CEO

Denel board appoints interim group CEO

DENEL SOC LIMITED
Registration number: 1992/001337/30
JSE Alpha Code: BIDEN
(“Denel” or the “Company”)

DENEL BOARD APPOINTS INTERIM GROUP CEO

The Board of Denel has appointed Mr Talib Sadik, currently an independent non-executive director,
as the interim Group Chief Executive Officer with immediate effect.

Mr Sadik, a qualified Chartered Accountant (SA) and former non-executive director has worked with
the Board in developing the turnaround plan and positions him well for a seamless transition. Mr
Sadik served as Denel’s Group CEO between 2008 and 2012 and brings a wealth of experience that
will be of value to Denel.

The Chairman of the Board, Ms Monhla Hlahla, confirms that the Board is continuing its efforts to
transform Denel into a sustainable defence and advance manufacturing company and wishes to assure
Denel’s employees, suppliers, customers and all other stakeholders that the Board’s focus on the
turnaround strategy is top priority.

The Shareholder and the Board continue to find solutions to resolve the short-term challenges of the
Company.

The Board welcomes Mr Sadik into the interim role and looks forward to working with him on a
successful outcome for Denel.

The Audit Committee will continue to remain duly constituted in terms of the Companies Act.

The recruitment process of the permanent Group CEO is underway and the appointment will be
communicated to all stakeholders.

17 August 2020

Debt Sponsor

Nedbank Corporate and Investment Banking

Date: 17-08-2020 08:00:00
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