Sasol CEOs forced to quit after US fiasco
Sasol’s [ JSE:SOL] joint CEOs, Bongani Nqwababa and Stephen Cornell, have agreed to resign after an independent review into the company’s disastrous US project. The Lake Charles Chemicals Project (LCCP), which will have seven production units that deliver various chemicals including a plastics variant called polyethylene, will cost between $12.6bn and $12.9bn (R190bn at current exchange rates) – almost double the original budgeted amount.
Name: Bongani Nqwababa
Continent: Africa
Country: South Africa
Company: Sasol
Position: Co-CEO
Reason: Resigned
Announcement Date: October 27, 2019, 11:00pm
Source 1: https://www.fin24.com/Companies/Industrial/sasol-ceos-forced-to-quit-after-us-fiasco-20191028