Dr Nombasa Tsengwa
By Mpho Moloi
Dr Nombasa Tsengwa has resigned as Chief Executive Officer (CEO) and board member of Exxaro Resources, with immediate effect. Her resignation follows a precautionary suspension in December 2024 over allegations of bullying, intimidation, and governance failures, which had sparked internal investigations and legal battles.
The company has confirmed that Finance Director Riaan Koppeschaar will continue as acting CEO until a new leader is appointed. Tsengwa’s sudden departure has left many questions about the future of Exxaro’s leadership and the impact on the company’s reputation and strategy.
The Rise and Fall of Nombasa Tsengwa at Exxaro
From Pioneer to Controversy
Dr Nombasa Tsengwa took over as Exxaro’s CEO in August 2022, making history as the first female leader of the mining giant. A highly respected industry professional, she had spent years leading Exxaro’s coal operations and was considered a key player in the company’s strategic diversification beyond coal.
Her leadership was marked by a push towards green energy and mineral diversification, including investments in copper and manganese—minerals essential for renewable energy technologies.
However, her tenure began facing intense scrutiny in 2024, as internal concerns over governance and leadership style emerged.
Allegations That Led to Her Suspension
In December 2024, Tsengwa was placed on precautionary suspension after an internal investigation was launched into governance failures and misconduct allegations. The investigation was triggered by a Sunday Times exposé, where anonymous sources within Exxaro alleged that:
• She had bullied and intimidated staff, creating a hostile work environment.
• Her leadership was linked to the resignation of several executives, reportedly due to conflicts and disputes.
• She had exercised undue influence over company decisions, raising governance concerns.
These allegations prompted the company to engage a legal firm, ENS, to conduct an independent probe into her leadership conduct.
Legal Battles: Tsengwa Fails to Overturn Suspension
Determined to clear her name, Tsengwa took her case to court in early February 2025, seeking to overturn her suspension. However, her legal attempt failed, with the court ruling that her matter lacked urgency.
The court’s decision further weakened her position, as Exxaro issued her a formal charge sheet, accusing her of:
• Conflict of interest in governance decisions.
• Breach of duty of good faith as CEO.
This compounded the challenges she faced, leading her to step down rather than prolong a legal battle.
Her Resignation and Exxaro’s Response
On 6 February 2025, Exxaro announced Tsengwa’s immediate resignation, which also included her stepping down from the company’s board.
In her resignation letter, she stated that:
• She was leaving due to “damaging allegations” that had tarnished her reputation.
• She believed the investigation was unfair and predetermined.
• The legal battles had left her humiliated and drained.
Exxaro’s board accepted her resignation, with Chairman Geoffrey Qhena stating:
“We acknowledge Dr Tsengwa’s decision to resign and thank her for her contribution to Exxaro’s success during her tenure.”The company reaffirmed that Finance Director Riaan Koppeschaar would remain acting CEO while the board searches for a permanent replacement.
The Impact on Exxaro’s Strategy and Stability
Tsengwa’s exit comes at a critical time for Exxaro, which has been shifting away from coal towards renewable energy and sustainable mineral investments. Under her leadership, Exxaro:
• Explored diversification into copper, manganese, and renewables.
• Strengthened its ESG (Environmental, Social, and Governance) commitments.
• Navigated global coal demand fluctuations while planning a transition to cleaner energy investments.
Now, with leadership uncertainty, questions arise over:
• Whether Exxaro’s diversification strategy will stay on course.
• How investor confidence will be impacted.
• Whether the governance issues exposed will affect Exxaro’s reputation in the long term.
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