- After finding their CFO, Odwa Mhlwana, guilty of irregular expenditure, Denel fired him
- The arms manufacturer is now on the lookout for a reliable CFO and will also be replacing their CEO, Zwelakhe Ntshepe, who resigned earlier
- Denel feels that with the right replacements, the company will rebuild itself successfully
After being found guilty of misconduct, the Denel CFO Odwa Mhlwana was fired from his post.
The state arms manufacturer launched a disciplinary hearing after it came to light that Mhlwana was involved with irregular expenditure.
A report by EWN indicates that the company has appointed a temporary CFO until a trusted, worthy replacement can be found
Wim de Klerk, former ArcelorMittal CEO will be in control of matters until the replacement arrives.
Denel will also appoint a new CEO after the resignation of Zwelakhe Ntshepe earlier this year.
There is going to be an announcement about the new CEO. Another CFO will be appointed in due course and it’s going to be those steps that will take us towards rebuilding this company.
Briefly.co.za gathered that Denel placed Mhlwana on "special leave" after it first came to light that he was responsible for wasting money.
They swiftly fired Mhlwana after a disciplinary hearing found him guilty on charges of irregular expenditure.
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