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BL Premium reports that embattled packaging group Nampak has appointed Phil Roux, who was acting CEO since April after previous incumbent Erik Smuts resigned from the company, as its permanent CEO.
The company also advised that its lenders had agreed to refinance its debt, which enabled it to proceed with sweeping changes to secure its future. In a market update on Monday, the debt-laden packaging group outlined concrete steps it had taken to deal with its debt issue. Analyst Anthony Clark commented that the full-time appointment of Roux “is a very solid move because his track record and pedigree in turning about companies, cutting costs and making companies operationally efficient moving back to profit is extremely well known.” As part of its turnaround plan, Nampak is merging BevCan and DivFood into one entity. Roux has said potential job cuts were imminent. “Positive progress is being made by the group on numerous transformational workstreams, rightsizing initiatives and the company’s proposed asset disposal programme,” the company said on Monday, without giving more details.
- Read the full original of the report in the above regard by Michelle Gumede & Andries Mahlangu at BusinessLive (subscriber access only)
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