South Africa’s former pride of the nation’s defense firm, Denel, named Carmen le Grange, a private chartered accountant as new chief financial officer (CFO) to improve corporate governance and return it to profitability.
Denel recorded a 1.76 billion rand loss last year and is among several state-owned enterprises (SEO’s) relying on regular government bailouts. The state of this SEO became so dire that staff could not be paid.
Denel’s chief executive officer, Danie du Toit, said it was expected that Le Grange would turn around the financial situation and restored confidence in the company.
“We expect Ms Le Grange to play a leadership role to further stabilise Denel’s finances and implement Board measures to improve performance and restore confidence in the future of the company,” Denel CEO Danie du Toit said.
In 2016, Denel’s senior management was named in a corruption scandal with the Zuma-Gupta menagerie. No bank was prepared to lend money to the cash-strapped SEO at the time.