Grindrod CEO Xolani Mbambo TO Step Down, Named Kumba Iron ORE CFO

Xolani Mbambo, CEO, Grindrod Limited

The logistics group confirmed the leadership change in a statement to shareholders via the JSE’s SENS news service this week.

According to Grindrod’s official announcement, the decision follows a period of significant growth and strategic repositioning for the company under Mbambo’s leadership. This included securing key concessions in Mozambique’s Ports of Maputo and Matola, the company’s strategic entry into quayside container handling at South Africa’s Port of Richards Bay through a 25-year concession, and the successful disposal of non-core assets.

Grindrod credited Mbambo for driving an “unrelenting culture of zero-harm to employees, continuous operational excellence, and the consolidation of ownership of strategic core assets,” positioning the group as an integrated, cost-effective logistics platform in sub-Saharan Africa.

Board search for successor underway

The board confirmed it has initiated a process to appoint a suitable successor and will keep shareholders updated. Mbambo will remain with the group until the end of the year to assist with the leadership transition.

Mbambo, who joined Grindrod 12 years ago, has overseen the company’s repositioning in the logistics sector, culminating in Grindrod being named second on the 2024 Sunday Times Top 100 Companies Awards list.

Next chapter: CFO role at Kumba Iron Ore

In a related leadership update, Moneyweb reported that Mbambo has been appointed as chief financial officer and executive director at Kumba Iron Ore, effective 1 January 2026. He will also join Kumba’s Social, Ethics and Transformation Committee, as well as its Strategy and Investment Committee.

Mbambo will succeed Bothwell Mazarura, who steps down after close to eight years as CFO. Kumba’s CEO, Mpumi Zikalala, welcomed Mbambo’s appointment, highlighting his experience in mining, logistics, and finance as a valuable addition to the company’s leadership.

Strategic divestments and repositioning

As part of its strategic refocus, BusinessLive recently reported that Grindrod has completed the disposal of its final non-core assets, including its exit from marine fuel trading business Cockett Marine. The group has been steadily exiting non-core businesses since 2022 to focus on its logistics platform.