Africa Headlines Johannesburg South Africa

JSE gets first black CEO

English: Nelson Mandela Bridge

Nelson Mandela Bridge is a symbol of people moving on

 

 

 

 

 

 

 

 

#RIPMandela

#Johannesburg

At a moment when the world is celebrating Mandela‘s battles with social injustice, JSE has moved on. It has taken them this long to understand that unless there is what appears to be equitable distribution of wealth, South Africans will consider themselves under duress. Appointing a black CEO will encourage ordinary citizens to invest on the JSE.

JSE Ltd., the operator of Africa’s largest stock and bond markets, appointed Nonkululeko Nyembezi-Heita to replace Humphrey Borkum, who is retiring as chairman after the company’s next annual general meeting.NYEMBEZI_HEITA

Borkum, who served in the post since 2002, will step down after the meeting, the date of which will be announced on March 11, the bourse said in a statement today.

Nyembezi-Heita will quit as chief executive officer of ArcelorMittal South Africa Ltd. on February 18, after heading the continent’s largest steelmaker for six years, the Johannesburg-based company said in a statement yesterday.

“Humphrey’s role in the evolution of the JSE business over the decades in our industry has been immense,” JSE chief executive Nicky Newton-King said in the bourse’s statement.

Nyembezi-Heita, who joined the exchange’s board in June 2009, will start the day after the AGM.

The JSE’s stock has gained 14 percent this year, matching the advance in the benchmark 165-member FTSE/JSE Africa All- Share Index, giving the company a market value of 7.7 billion rand ($748 million)

Source-Bloomberg News

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