Talib Sadik has been appointed Group CEO of the state-owned Denel defence group.
He has been acting in that capacity since 1 June, when he replaced Shaun Liebenberg who left the company after serving a three year term.
Denel chairman Sibusiso Sibisi announced yesterday that Sadik has been confirmed in the position with effect 1 October. He will also serve for three years.
In a statement only released this afternoon, the company says that Sadik has been deeply involved in the business`s turnaround strategy and has helped steer it on the road to recovery.
“Dr Sibisi said the Board had full confidence in Mr Sadik and his ability to successfully manage the company, whilst continuing with the good progress in turning the Group around,” the statement read.
Sadik was appointed as Group Financial Officer in 2006. He is a qualified chartered accountant and completed an advanced management programme at Insead, France. He is married with two children
Xhead = Financials
The appointment follows Denel posting another net loss earlier this month, which Sadik says is an improvement on the past and “a sign that the company`s turn-around is on track.”
The Group increased gross revenue to R3 894 million (2007: R3 310 million) and posted a net loss of R347 million (2007: net loss R549 million).
The figures represent an improvement of 17.6% and 36.8% respectively on the previous year`s performance, he adds. Denel also posted massive losses for the financial years ending in 2004, 2005 and 2006.
“We managed to improve the loss for the past year through focusing on core businesses, phasing out of legacy contracts, savings in operating costs and profits on the sale of non-core assets,” Sadik said at a press conference called to announce the results.
“Better contract negotiations including higher advance payment receipts towards the year-end and improvements in our debt collection process helped us to achieve the healthy cash situation.”
The full Annual Report is available here.