July 20, 2020 / 12:56 PM / 20 days ago

S.Africa state defence firm Denel announces CEO's resignation

JOHANNESBURG, July 20 (Reuters) - Danie du Toit, the chief executive of South Africa’s struggling state-owned defence firm Denel, will step down from August 15, the company said in a statement on Monday.

Denel - one of several loss-making state companies the government has kept afloat with bailout funding - has struggled to pay employee salaries amid a liquidity crisis aggravated by the COVID-19 pandemic.

The company did not say why du Toit was resigning, but it said an interim CEO would be appointed shortly. (Reporting by Joe Bavier and Alexander Winning)

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