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Ex-CEO's pay slashed
The Citizen
|April 17, 2025
EXXARO: TSENGWA RECEIVED R9.6M AFTER SUSPENSION, RESIGNATION
The former CEO of Exxaro Resources, Nombasa Tsengwa — who resigned with immediate effect on 5 February after being suspended by the group in December last year — received total remuneration of just R9.6 million in 2024.
This compares to the total remuneration of R30.2 million she received in 2023, two thirds of which was in the form of short-term incentives (STIs) and long-term incentives (LTIs).
Tsengwa was suspended pending the outcome of an independent investigation by ENS into allegations relating to workplace conduct and governance.
Moneyweb previously referenced a Sunday Times article published days before her suspension that cited anonymous sources who said Tsengwa's intimidating management style had contributed to the departure of as many as nine executives.
One of the nine who had allegedly resigned or been suspended by the former CEO said working under her leadership had been the "the worst time of my career at Exxaro".
This story is from the April 17, 2025 edition of The Citizen.
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