Sasol to restructure and cut jobs
'Sasol 2.0' will focus on the energy and chemicals businesses exclusively
Petro chemicals company Sasol has joined the growing list of large companies in South Africa announcing planned retrenchments in the wake of Covid-19. Sasol, which employs more than 30,000 people, the bulk of whom are based in South Africa, will be restructuring the business to create ‘Sasol 2.0’. This new business will be focused on two core businesses, chemicals and energy.
“A focused and robust review of the business, and the associated workforce structures, is underway and a detailed update will be provided to stakeholders alongside the full-year results,” said Sasol in an SENS announcement, which goes on to say that there would be an overall change in director’s’ executive responsibilities and new executives committee structures.
The new senior leadership structure will consist of the President and Chief Executive Officer (CEO) and six Executive Vice President (EVP) portfolios, as well as an EVP Sasol 2.0 Transformation role, which will held by current Executive Vice President: Sustainability and Technology Marius Brand and will be in place for two years. Effective 1 November 2020, Marius will help execute the restructuring initiative and mitigate risks to ongoing operations.