Exxaro Resources, one of South Africa's largest coal mining companies, announced the resignation of its Chief Executive Officer, Nombasa Tsengwa, effective immediately on February 5, 2025. This decision marks the end of her notable two-decade career with the company, including nearly three years at the helm as CEO.
Tsengwa’s departure follows her suspension, which was initiated on December 4, 2024, due to serious allegations concerning workplace conduct and governance practices. Specifically, she faced claims of corporate bullying and fostering a toxic work environment, which had reportedly led to the exit of several executives during her leadership. Exxaro confirmed her resignation through its chairman, Geoffrey Qhena, who expressed gratitude for Tsengwa’s service and wished her well in her future endeavors, stating, "We will initiate an expedited process to identify and appoint a new CEO who will continue to drive growth, excellence, and innovation within our business."
The resignation came just days after Tsengwa’s attempt to overturn her suspension through the courts was dismissed. She argued her suspension was illegal and claimed the board had overstepped its authority—an argument the High Court did not accept. Instead, the court not only upheld the suspension but also ordered her to pay the costs associated with her legal efforts, adding financial strain to her predicament.
Following the rejection of her court application, Tsengwa disclosed charges against her concerning conflicts of interest and breaches of duty related to her late boyfriend’s companies. Her resignation letter contained details of these allegations, stating, "On 3 February 2025, I was issued with a charge sheet by Exxaro, accusing me of conflict of interest and breach of duty of good faith." She went on to describe how accusations claimed she had facilitated business dealings for her late partner, such as advancing payments to his company.
Within her resignation letter, Tsengwa expressed deep frustration and called the investigative process humiliative. She wrote, "I refuse to subject myself to this humiliative process where my private and intimate information is aired without shame." This personal reflection revealed the emotional toll the accusations and public scrutiny had taken on her, emphasizing her belief of being defamed throughout the investigation.
Tsengwa also criticized the shift of the investigation from workplace issues to her private life, stating, "Based on the way this investigation has been conducted, including the inhumane interrogation I went through... demonstrates there is a predetermined outcome which I refuse to subject myself to." Her resignation was, at its core, not just about professional ramifications but also encompassed significant emotional distress tied to her private affairs.
Exxaro Resources has acted swiftly to replace Tsengwa, naming Riaan Koppeschaar, the company's finance director, as acting CEO. Geoffrey Qhena remarked on the urgency of finding Tsengwa’s successor, asserting the board's commitment to continue the company's strategy of growth and innovation, stating, "The board and management team will continue to drive Exxaro’s strategy of maximizing the value of its current assets and transitioning responsibly toward renewable energy solutions."
This transition marks a pivotal moment for Exxaro as the company reassesses its leadership and seeks to recover from the turmoil surrounding Tsengwa's resignation. The company's future now hinges on addressing the cultural issues and allegations highlighted during her administration, all within the framework of South Africa's broader shift toward energy diversification and sustainability.