Edition:
India

Sasol Says Joint CEOs To Step Down After Independent Review


Monday, 28 Oct 2019 

Oct 28 (Reuters) - Sasol Ltd ::JSE: SOL - SOLBE1 - OUTCOMES OF THE INDEPENDENT BOARD REVIEW AND EXECUTIVE TRANSITION PLAN.SASOL LTD - ADJUSTMENTS TO FEBRUARY 2019 COST FORECAST OF APPROXIMATELY $530 MILLION.SASOL LTD - ADDITIONAL EVENTS AND REMAINING WORK IMPACTING FEBRUARY 2019 COST FORECAST OF APPROXIMATELY $470 MILLION.SASOL LTD - A CONTINGENCY AMOUNT FOR ITEMS THAT COULD IMPACT COST FORECAST OF $300 MILLION.SASOL LTD - ADDITIONALLY, THROUGHOUT LCCP, THERE HAVE BEEN ADVERSE WEATHER CONDITIONS AND RELATED PRODUCTIVITY ISSUES.SASOL LTD - COST TO COMPLETION ESTIMATE FOR LCCP IS TRACKING 22 MAY 2019 ANNOUNCED COST GUIDANCE RANGE OF BETWEEN $12,6 BILLION AND $12,9 BILLION.SASOL LTD - REVIEW, WHICH IS LEGALLY PRIVILEGED, HAS NOW BEEN CONCLUDED.SASOL - "PRIMARY RESPONSIBILITY FOR SHORTCOMINGS IN RELATION TO LCCP LIES WITH FORMER LEADERSHIP OF LCCP'S PROJECT MANAGEMENT TEAM (PMT)".SASOL LTD - NO EARNINGS, FINANCIAL POSITION, OR CASH FLOW RESTATEMENTS ARE REQUIRED.SASOL - BONGANI NQWABABA, STEPHEN CORNELL, JOINT CEOS, AGREED TO AMICABLE MUTUAL SEPARATION WITH CO.SASOL LTD - FOR FY2019, ALL MEMBERS OF GROUP EXECUTIVE COMMITTEE (GEC) WERE AWARDED ZERO AS VALUE OF THEIR SHORT-TERM INCENTIVE.SASOL - EFFECTIVE OCT 31, BONGANI AND STEPHEN WILL STEP DOWN AS JOINT CEOS, AND AS EXECUTIVE DIRECTORS OF SASOL AND ITS SUBSIDIARIES.SASOL LTD - FOR FY2019, JOINT CEOS WERE AWARDED ZERO AS VALUE OF THEIR SHORT-TERM INCENTIVE.