Mark Dytor, CEO and executive director of JSE-listed chemicals company AECI Group, will formally retire from his roles effective 31 July 2023.
This was confirmed in a Sens announcement on Wednesday.
Dytor, who has been with the company for 38 years, was appointed group CEO in 2013, after serving in various senior roles in the company.
“I have had a fantastic career in AECI which offered immense growth and personal upliftment opportunities. I express my sincere gratitude to the very special people who have supported me every step of the way,” Dytor said.
“Although I will sorely miss the AECI Group, I am looking forward to the beginning of a new chapter in my life and I will always be a champion supportor of the strong AECI international growth story.”
Among his positions at the organisation, Dytor worked as a sales representative, a managing director of two chemical services (Chemserve) companies and was eventually appointed to Chemserve’s executive committee in 1998 and subsequently to its board. Chemserve is a subsidiary of AECI.
He has also served as a board member of the Chemical and Allied Industries’ Association (CAIA) and has been involved in the Business Unity South Africa (Busa) National Business Initiative climate change project.
AECI chair Khotso Mokhele thanked Dytor for his long tenure and diligent service to the company.
“Mark’s quality leadership is evident in the international expansion story that is the AECI Group. We appreciate the tremendous contribution he has made in building a strong and resilient business,” said Mokhele.
AECI says it has initiated an internal and external search process to identify a new permanent CEO.
“The process will be led by the chairman of the board supported by the chairman of the remuneration and human capital committee,” it adds.
Meanwhile, the group on Wednesday reported record revenue, earnings before interest and tax (Ebit) and headline earnings per share (heps) for the half-year ended 30 June 2022.
AECI recorded 31% growth in revenue to R15.5 billion, compared with R11.8 billion in the prior comparative period.
It says pricing discipline benefits in new and existing contracts resulted in higher input costs and helped Ebit grow by 11% to just over R1.05 billion.
“EPS [earnings per share] and Heps increased by 8% to 573 cents, our highest recorded Heps in a first half,” it adds.
The group says its net asset value per share attributable to ordinary shareholders increased by 8%, from 9 556 cents in June 2021 to 10 343 cents.
“Our commitment to returning value to shareholders, [is] supported by the board’s declaration of an interim dividend of 194 cents per share [H1 2021: 180 cents per share], an 8% increase.”
AECI reported capital expenditure of R438 million during the period.
The group says the improvement in its half-year results indicates improved market conditions, which saw customer demand progressively returning to pre-pandemic levels.
The group’s share price was trading just over 1.5% weaker in midday trade on Wednesday.
Nondumiso Lehutso is a Moneyweb intern.