Tongaat Hulett Limited announced that Gavin Hudson has tendered his resignation as Chief Executive Officer with effect from 28 February 2023. The Company's core team of executives will continue to work with the BRPs.
Hudson spearheaded efforts to recover the group four years ago following the discovery of accounting irregularities in 2019. This involved reducing the group's debt burden by ZAR 6.5 billion and turning around governance and operational processes. Unfortunately, these turnaround efforts were hampered by COVID-19, civil unrest and floods in KwaZulu-Natal and the Company commenced business rescue proceedings in October 2022.