Danie du Toit, the chief executive of South Africa’s struggling state-owned defence firm Denel, will step down from August 15, the company said in a statement on Monday.
Denel — one of several loss-making state companies the government has kept afloat with bailout funding — has struggled to pay employee salaries amid a liquidity crisis aggravated by the COVID-19 pandemic.
The company did not say why du Toit was resigning, but it said an interim CEO would be appointed shortly.(Reporting by Joe Bavier and Alexander Winning) -Reuters
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