Reunert Ltd. (RLO), a maker of electric power cables and telecommunications equipment, said Chief Executive Officer Nick Wentzel quit and has been replaced by the South African company’s finance director.
Dave Rawlinson will take over immediately as chief, and Manuela Krog was promoted to replace him, the Johannesburg-based company said today in a regulatory statement.
“We cannot comment on the reasons for Mr. Wentzel’s departure; we have a non-disclosure agreement with him,” Investor Relations Manager Carina de Klerk said in a telephone interview today.
Wentzel joined Reunert in August last year after serving as CEO of dairy products company Parmalat SA (Pty) Ltd.
Reunert stock has risen 0.6 percent since Aug. 2, 2010, while the benchmark FTSE/JSE Africa All Share Index gained 8.4 percent.
To contact the reporter on this story: Sikonathi Mantshantsha in Johannesburg at firstname.lastname@example.org