CEO SHUFFLE
Oakbay boss Jacques Roux resigns after a year
Oakbay says in line with its CEO succession plan Roux and George Van der Merwe will utilise the March notice period to ensure a seamless handover
After just one year in the job, Oakbay Resources CEO Jacques Roux has decided to leave the company effective March 31. On Wednesday, the company, which has been hit by a slew of executive departures over the past year, announced that George van der Merwe would be stepping in as acting CEO from April 1. Van der Merwe had previously done a stint as CEO but resigned in August 2015 when Varun Gupta took over. However, Varun and chairman Atul Gupta resigned in April 2016 following the high-profile resignation of the company’s external auditors, its sponsor and its bankers. Roux replaced Varun as CEO at that stage. The group also replaced its external auditors and sponsor. It was unable to secure the services of a local bank and is using the facilities of Indian-based Bank of Baroda. Early this month, the company was forced to respond to media reports that Bank of Baroda was considering closing its account. “Oakbay Resources is not aware of any communications from the Bank of Baroda in th...
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