Moving away from an all-white management set up designed under apartheid makes business sense to right-thinking South Africans – but it seems the more things change the more they stay the same.
There are only five black CEOs who head up Top 40 companies listed on the JSE.
The Top 40 is an index that investors monitor as an overall benchmark for the local stock exchange.
In that regard, it is my sincere hope that when the time comes to replace Shameel Joosub at Vodacom, which is owned by mobile phone giant Vodafone, the board will select another black CEO.
Better still the ideal replacement should be a black woman. Read: Is Yolanda Cuba being prepared to succeed Vodacom’s Shameel Joosub?
It was also encouraging to see Standard Bank do away with joint CEOs positions last September, enabling Sim Tshabalala to be the sole men at the helm.
That said, Sasol and recently Investec were bedeviled by the phenomenon of joint CEOs. With Bongani Nqwababa as a joint CEO with Stephen Cornell of the petrochemicals giant and Investec’s Fani Titi, who is partnered with Hendrik du Toit.
Imperial also has a black CEO in Osman Arbee, who was appointed in 30 April following the resignation of Mark Lamberti.
Clearly, Black CEOs are not being hired by the JSE Top 40 companies.
Joosub, who assume his top position at Vodacom in 1 September 2012, has the longest tenure of the four black CEOs on this list.
Although the number of black executives has increased somewhat in the past 24 years, representation of black CEOs is not improving on the Top 40 companies in the JSE.
It is worse for black women. They are not featured at all.
That said, Maria Ramos is the only white women leading a Top 40 company in South Africa as a CEO of Barclays Africa.
For whatever reasons corporate South Africa does not appear to be willing or able to change race representation in top management.
Black people who are properly qualified to lead any Top 40 JSE Companies, with a combined market value of R9.2 trillion, are being overlooked even where their expertise are superior to other candidates.
The exclusion of black people from occupying CEO positions perpetuate “economic apartheid” and maintains South Africa’s strict racial hierarchy.
Something needs to be done urgently to change this untenable situation.
See Below A List of CEOs Leading South Africa’s Top 40 Companies on the JSE:
|1||AL NOOR||Danie Meintjes
|2||ANGLO AMERICAN||Mark Cutifani||White||R418 billion|
|3||ANGLOGOLD ASHANTI||Srinivasan Venkatakrishnan||Indian National||R42 billion|
|4||ASPEN PHARMACARE||Stephen Saad||White||R112 billion|
|5||BARCLAYS AFRICA||Maria Ramos||White (Women)||R138 billion|
|6||BID CORPORATION LTD||Bernard Berson||White||R88 billion|
|7||BHP BILLITON||Andrew Stewart Mackenzie||White||R595 billion|
|8||BRITISH AMERICAN TOBACCO||Nicandro Durante||White||R1,5 trillion|
|9||COMPAGNIE FIN RICHEMONT||Johann Peter Rupert||White||R609 billion|
|10||CAPITEC||Gerrie Fourie||White||R101 billion|
|11||DISCOVERY||Adrian Gore||White||R104 billion|
|12||FIRSTRAND||Johan Burger||White||R344 billion|
|13||FOSCHINI||A. Doug Murray||White||R45 billion|
|14||GOLD FIELDS||Nicholas J. Holland||White||R37 billion|
|15||GROWTHPOINT||Leon Norbert Sasse||White||R82 billion|
|16||INVESTEC PLC||Fani Titi / Hendrik du Toit||Black/White||R45 billion|
|17||IMPERIAL||Osman Arbee||Black||R42 billion|
|18||LIFE HEALTHCARE||André Meyer||White||R41 billion|
|19||MONDI PLC||Peter Oswald||White||R127 billion|
|20||MR PRICE||Stuart I. Bird||White||R67 billion|
|21||MTN||Rob Shuter||White||R215 billion|
|22||NEDBANK||Michael Brown||White||R142 billion|
|23||NASPERS||Bob van Dijk||White||R1, 4 trillion|
|24||NEPI ROCKCASTLE PLC||Alexandru Morar/ Spirous Noussis||White/White||R72 billion|
|25||OLD MUTUAL||Bruce Hemphill||White||R203 billion|
|26||REDEFINE PROPERTIES||Andrew Joseph Konig||White||R64 billion|
|27||REMGRO||Jan Jonathan Durand||White||R111 billion|
|28||RMB||James Formby||White||R103 billion|
|29||REINET INVESTMENTS||Wilhelm van Zy||White||R46 billion|
|30||SAPPI||Stephen Robert Binnie||White||R46 billion|
|31||STANDARD BANK||Sim Tshabalala||Black||R335 billion|
|32||SHOPRITE||Pieter Engelbrecht||White||R137 billion|
|33||SANLAM||Ian M. Kirk||White||R171 billion|
|34||SASOL||Bongani Nqwababa / Stephen Cornell||Black/White||R300 billion|
|35||SPAR||Graham O’Connor||White||R37 billion|
|36||THE BIDVEST GROUP||Lindsay Peter Ralphs||White||R74 billion|
|37||TIGER BRANDS||Lawrence MacDougall
|38||TRUWORTHS||Michael Mark,||White||R37 billion|
|39||VODACOM||Shameel Joosub||Black||R264 billion|
|40||WOOLWORTHS||Ian Moir||White||R64 billion|