Richard Jacob, the CEO of Hulamin, an aluminium supplier and exporter will retire at the end of September, the company announced.
Jacob, who is in his fifties, was with the Pietermaritzburg-based company for 32 years, and CEO for the last 12 years.
Geoff Watson, a non-executive director, has been appointed as the interim CEO, while the company searches for a new CEO. Watson has held executive positions with Alcoa Kaal in Australia as well as Alcoa Bohai (China), Steelforce (Australia), Seema International (Hong Kong) and UC Rusal (Switzerland).
After graduating with an engineering degree from the University of Cape Town, Jacob joined Hulamin in 1990 as an industrial engineer. During his career at Hulamin he was promoted to various positions, including manager for business development and as executive in charge of coated products and investor relations. Jacob was appointed as CEO in 2010.
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Hulamin produces a range of aluminium products, including cans and foil, and during Jacob’s tenure emerged as a global specialist in manufacturing ultra high-end products. In 2018, Jacob estimated that Hulamin controlled half the international market for these aluminium items.
The company had a long-standing contract with South African-born Elon Musk’s Tesla car company to supply battery box base plates. It also produces other specialised products for used in electric vehicles as well as components in airplanes that enable wifi.
After a tough period during 2019 and 2020, the group saw a 34% boost in sales volumes in 2021, which saw its operating profit jump 760% to R538 million.
Source: Fin24
