Today’s ZA Confidential will, unusually, look at two topics. The first is the unexpected resignation of Sasol CFO Christine Ramon, and the second is the protests from ZA poultry producers about tough conditions.
Company directors come and go, but what the markets don’t like is when they go abruptly, with little warning or explanation. Highly-regarded Sasol CFO Christine Ramon is to leave abruptly, and the company hasn’t given much detail on the reason for her departure. Presumably had she done wrong, it would have been more forthcoming. However, it may just be that she has been snapped up elsewhere, in a corporate world where talented women are much in demand. Or maybe she just doesn’t get on with the big boss? More may be revealed when Sasol releases its financial results on September the 9th.
We have seen results this week from both Country Bird and Rainbow Chicken (about to be re-named RCL) – two local poultry producers who complain of tough times. The main culprit appears to be dumped chicken in the ZA market, with calls on the dti to further protect against imports, but high feedstock prices are also being blamed. However, I have heard the EU Ambassador suggest that the real problem is not cheap imports, but the way in which our poultry producers run their businesses.
These two topics are discussed by our experts, who include Duane Newman, Jacques Theron, Ian Cruickshanks and Keith Mclachlan
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