Illovo Sugar's MD quits to go north

19 Jul 2013

Illove Sugar's managing director Graham Clark resigned on Thursday (18 July) at the group's annual general meeting, saying he wanted to end his working career elsewhere in Africa.

Clark, who served on the Illovo board since 1997, and has been its managing director since 2009, said he wanted to pursue an "exciting opportunity" in Africa.

"In my tenure, we have spent a lot of money. I think we are seeing progress now. The results really speak for themselves," he said.

"Illovo's latest annual results, show the company produced 6.5-million tons of sugar, so sugar as an industry is a good place to be - even if globally there is some pressure for sugar prices to drop," he said.

Clark could not divulge what his new career entailed. "I cannot say right now. But I have just a few working years left and I am very excited to be able to work in Africa, where I have 30 years' experience. I want to use my skills before I retire," he added.

Clark's resignation is effective from 31 August. He would leave Illovo at the end of September to ensure an orderly handover to his successor, Gavin Dalgleish, who currently is group operations director and has significant experience within the group.

Strong results

Illovo chairman Don MacLeod said he would like to thank Clark for his contribution to the group over a long period of time.

At the annual general meeting, MacLeod highlighted the strong results of the Illovo group that showed turnover increased 21% to R11.1bn in the year to March with operating profit up 41% to R1.9bn.

"A strong balance sheet, healthy cash generation and good cane sugar assets across Africa position the group to continue its growth plans to increase cane, sugar and downstream or co-generation production on the continent," MacLeod said.

"The group evaluates opportunities for further expansion but careful assessment of the risk is crucial to any new opportunity," MacLeod added.

Ethanol and molasses beneficiation, power co-generation and increased furfural production opportunities were being investigated.

MacLeod said the recently completed, custom-designed R300m warehouse and distribution facility in Pietermaritzburg was fully operational and would provide meaningful storage and logistics benefits to the South African business.

Source: Business Day via I-Net Bridge

Source: I-Net Bridge

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