Like the rearranging of the deck chairs on the Titanic as it sank, ArcelorMittal South Africa, the country's largest and only listed steelmaker, is preparing to hire, yet again, a new CEO — the third in as many years. This comes after the surprise announcement this week of the retirement of current CEO Wim de Klerk, who is set to leave at the end of January next year. Former CEOs include Paul O'Flaherty, who left in February 2016, and Nonkululeko Nyembezi-Heita, who left in February 2014. Appointed in September last year, De Klerk, a former Exxaro finance director, was chosen for the "necessary experience" and "understanding" he had of South Africa's steel industry. De Klerk's successor — in addition to the experience and understanding which the position demands — will need to have guts of steel to weather the storm in which the steelmaker finds itself.Turnaround efforts The high rate of CEO turnover has been criticised for its effect on the implementation of turnaround efforts. Pe...
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