Kumba Iron Ore has appointed Xolani Mbambo as CFO and executive director to replace Bothwell Mazarura, who will be stepping down from the role after almost eight years.
Earlier this week Mbambo announced he would step down as CEO of logistics group Grindrod with effect from December 31.
Bothwell will continue to serve as Kumba’s CFO until the end of December and Mbambo will take up the position on January 1 2026, Kumba said on Friday.
Kumba said Mbambo was a seasoned executive, holding a chartered accountant SA qualification and an Advanced Management Programme (AMP) qualification from Harvard Business School. The company said he had more than 20 years of experience in mining, logistics, and finance, having held senior leadership roles at Grindrod and previously at Anglo American, where he gained extensive experience across finance, project execution, business performance analysis, and commodity marketing.
Mazarura said Kumba had continuously delivered solid results, and he was proud of the collective accomplishments and for the support of Kumba employees, contractors, members of the Kumba executive team and board.
“While I will leave Kumba later this year, my commitment to delivering our clear objectives for the remainder of this year is as firm as ever,” he said.
Kumba CEO Mpumi Zikalala said under Mazarura’s financial stewardship, Kumba had delivered strong operational and financial results and had also advanced its sustainable mining strategy.
Kumba chair Terence Goodlace said Mbambo’s proven track record in mining and logistics as well as his strategic acumen would be invaluable as Kumba continued to advance its strategic ambitions and operational objectives.
“I am honoured to join Kumba at such a pivotal time in its journey. Kumba’s commitment to operational excellence, delivering shareholder value and sustainability resonates deeply, and I look forward to working with the talented team to build on the strong foundation laid by Bothwell and to drive continued success for all stakeholders,” Mbambo said.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.