JSE Ltd., the operator of Africa’s largest stock and bond markets, appointed Nonkululeko Nyembezi-Heita to replace Humphrey Borkum, who is retiring as chairman after the company’s next annual general meeting.
Borkum, who served in the post since 2002, will step down after the meeting, the date of which will be announced on March 11, the bourse said in a statement today. Nyembezi-Heita will quit as chief executive officer of ArcelorMittal South Africa Ltd. on Feb. 18, after heading the continent’s largest steelmaker for six years, the Johannesburg-based company said in a statement yesterday.
“Humphrey’s role in the evolution of the JSE business over the decades in our industry has been immense,” JSE Chief Executive Officer Nicky Newton-King said in the bourse’s statement. Nyembezi-Heita, who joined the exchange’s board in June 2009, will start the day after the AGM.
The JSE’s stock has gained 14 percent this year, matching the advance in the benchmark 165-member FTSE/JSE Africa All-Share Index, giving the company a market value of 7.7 billion rand ($748 million).