Kumba Iron Ore has roped in widely celebrated black business executive Fani Titi to serve as nonexecutive chairman of its board.
The group announced the appointment yesterday in a move that will greatly enhance its standing on the black economic empowerment (BEE). Titi is a well-respected businessman and also comes with the tag of being one of the doyens of the BEE game. He was one of the principal partners who started one of the most prominent BBBEE investment entity Tiso Group. This was after he served another prominent BBBEE entity Tiso Group. Titi has since parted ways with these groups and went back to the mainstream corporate sector.
Titi is a non-executive chairman of Investec Bank and also serves as joint chairman of Investec plc and Investec Limited. He is a non-executive director of a number of companies associated with the Investec group. He is also a non-executive director of MTN Group. He was previously non-executive chairman of AECI and deputy chairman of the Bidvest Group.
The Kumba statement said Titi will take over the chairmanship of Kumba from Allen Morgan who has served as the interim chairman since 15 December 2010. Morgan will retain his position as the senior lead independent director of the board of Kumba.
The Kumba board is confident that there is sufficient depth and experience amongst the board members and Kumba’s management team to ensure the continued success of the Company.
Titi’s appointment comes shortly after Kumba appointed former minister of minerals Buyelwa Sonjica into its board.