You have to be really, really bad for Fin24 to dub you the ‘worst ever CEO appointed by a major South African company’, so let’s all spare a thought for Sasol’s David Constable.
The Canadian was brought to our shores five years back, and ever since he landed it appears everything he touches turns to shit.
What’s worse is that his contract is worth R50 million per year, which may even have increased during the past 12 months.
Here’s where it all went wrong:
Soon after arriving in July 2011, the Canadian aborted Sasol’s long and costly flirtation with China, switching attention into his native North America…
[On Monday] the company said it will write down billions more on its Montney Shale Gas field, taking the loss on the Canadian investment to a staggering R11.5bn. Worse, the cost of its 40% complete Louisiana chemicals cracker has escalated to $11bn from the $8.9bn shareholders had been told.
You’d think they couldn’t wait to see the back of him, but Sasol chairperson Dr Mandla Gantsho has admitted trying to extend Constable’s contract beyond its conclusion this June.
Odd that you would reward such gross incompetence, but maybe there are shenanigans going on behind the scenes that we’re not privy too.
Heads will, or at least should roll.
Thanks for nothing David, blame Canada.
[source:fin24]
[imagesource:here]
