Denel's CEO Danie du Toit resigns

Du Toit will continue to render his services until 15 August, while an interim Group CEO will be appointed shortly.

Denel, the largest manufacturer of defence equipment in South Africa, has announced the resignation of its Group Chief Executive Officer Danie du Toit.

Du Toit will continue to render his services until 15 August, while an interim Group CEO will be appointed shortly.

Denel said on Monday its board has taken far-reaching steps to stabilise the business and prepare the ground for long-term sustainability.

"The turnaround plan is focusing on protecting promising business lines, disposing of non-core assets, and seeking strategic partners to increase access to international markets, contribute skills and funding to a profitable Denel.

"Denel remains an innovative defence, security and related technology solutions company, providing solutions of defence, security and related technologies, to clients both domestic and international," Denel said.

Denel SOC Ltd is a state-owned, commercially-driven company and strategic partner for innovative defence, security and related technology solutions. It groups together several defence and aerospace divisions and associated companies.

(With Inputs from South African Government Press Release)