Appointment of CFO and Executive Director

Incorporated in the Republic of South Africa
(Registration number: 1924/002590/06)
Share code: AFE ISIN: ZAE000000220
Hybrid code: AFEP ISIN: ZAE000000238
Bond company code: AECI
LEI: 3789008641F1D3D90E85
(AECI or the Company or the Group)




Further to the announcement released on SENS on 26 April 2023 and in accordance with paragraphs 3.59(a) and 6.39(a) of the JSE Limited Listings Requirements and Debt Listings Requirements, respectively, the Board of directors of AECI (“the Board”) wish to advise shareholders and noteholders that after an extensive search and selection process, Ms Rochelle Gabriels has been appointed as the AECI Group CFO and Group Board Executive Director, effective 29 September 2023. In addition to these roles, her extended portfolio will include Mergers and Acquisitions, Information Technology, Enterprise Risk Management, and Strategic Projects.


Rochelle Gabriels has over 15 years of senior finance experience and has held various executive roles, including CFO positions at multinational companies. She joins AECI from Imperial (a DP World Company), where she has served as the DP World Sub-Saharan Africa Head of Finance Logistics and Shared Services. She brings a depth of leadership experience and skills in navigating complex operating environments as well as driving finance transformation.


Dr Khotso Mokhele, AECI Board Chairman said, “On behalf of the Board, I am excited to welcome Rochelle to the Group and we are confident that AECI will benefit from her strong leadership and deep financial experience. Rochelle’s appointment further strengthens the Board in terms of skills and diversity, positioning AECI for even greater success in the future.”


Mr Holger Riemensperger, AECI Chief Executive Officer, notes: “We are proud to appoint Rochelle, who brings a rich skill set and experience that will enable her to make a significant contribution to both the Group and the Executive Team.”


Mr Rafael Fernandes has served as the Acting Group CFO since April 2023. The Board is grateful for his commitment and leadership of the Group’s finance function during this period. Rafael will resume his duties as Financial Director of AECI Mining following the completion of the handover period to the incoming Group CFO.


The Group confirms that this appointment was made in accordance with AECI’s Board Nomination, Composition and Diversity policy.


Woodmead, Sandton

2 October 2023

Equity and Debt Sponsor: Rand Merchant Bank (A division of FirstRand Bank Limited)


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