Cabinet confirms Denel appointments

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Cabinet has confirmed the appointment of Talib Sadik as the new chief executive Officer of Denel and Fikile Mhlontlo as the new chief financial officer.
Denel announced Sadik’s appointment last month. 
 
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.   
Sadik has been deeply involved in the business`s turnaround strategy and has helped steer it on the road to recovery. 
The appointment follows Denel posting another net loss, which Sadik at the time said was 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.