Grindrod CEO Xolani Mbambo to step down at end of year
The board has begun a process of identifying a successor
19 June 2025 - 07:39
by Jacqueline Mackenzie
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Xolani Mbambo is stepping down as CEO and executive director of Grindrod with effect from December 31, the logistics group said.
Mbambo had decided to pursue the next chapter of his career, the group said late on Wednesday.
“The board extends its heartfelt gratitude for Xolani’s dedicated leadership throughout his successful 12-year tenure at Grindrod, where his outstanding track record of consistent delivery on strategy execution was recognised when Grindrod was ranked second in the 2024 Sunday Times Top 100 Companies Awards, and wishes Xolani well in his future endeavours,” it said.
The board has begun a process of identifying a successor and will keep shareholders updated as this progresses.
Mbambo will remain available until the end of the year to support the board’s search for his successor, ensuring an orderly handover and seamless leadership transition.
In May, Business Day reported that Grindrod announced its intention to exit its 50% stake in marine fuel trading business Cockett, the last material asset in the group’s noncore portfolio.
This marks the final disposal of Grindrod’s peripheral noncore assets, a key step in the effort to slim down its core activities within logistics and transport.
The company has been actively divesting of its noncore assets in recent years, including the disposal of Grindrod Bank in 2022 and the sale of North Coast property-backed loans to African Bank in March.
The latest move comes after Grindrod and energy group Vitol, the joint owners of Crockett, decided to proceed with an orderly wind down of Crockett.
As part of the deal, Grindrod will receive $22m, or 61% of Cockett’s carrying value at end-December.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Grindrod CEO Xolani Mbambo to step down at end of year
The board has begun a process of identifying a successor
Xolani Mbambo is stepping down as CEO and executive director of Grindrod with effect from December 31, the logistics group said.
Mbambo had decided to pursue the next chapter of his career, the group said late on Wednesday.
“The board extends its heartfelt gratitude for Xolani’s dedicated leadership throughout his successful 12-year tenure at Grindrod, where his outstanding track record of consistent delivery on strategy execution was recognised when Grindrod was ranked second in the 2024 Sunday Times Top 100 Companies Awards, and wishes Xolani well in his future endeavours,” it said.
The board has begun a process of identifying a successor and will keep shareholders updated as this progresses.
Mbambo will remain available until the end of the year to support the board’s search for his successor, ensuring an orderly handover and seamless leadership transition.
In May, Business Day reported that Grindrod announced its intention to exit its 50% stake in marine fuel trading business Cockett, the last material asset in the group’s noncore portfolio.
This marks the final disposal of Grindrod’s peripheral noncore assets, a key step in the effort to slim down its core activities within logistics and transport.
The company has been actively divesting of its noncore assets in recent years, including the disposal of Grindrod Bank in 2022 and the sale of North Coast property-backed loans to African Bank in March.
The latest move comes after Grindrod and energy group Vitol, the joint owners of Crockett, decided to proceed with an orderly wind down of Crockett.
As part of the deal, Grindrod will receive $22m, or 61% of Cockett’s carrying value at end-December.
With Jacob Webster
mackenziej@arena.africa
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Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.