Iron-ore miner Kumba Iron Ore has announced that CFO Bothwell Mazarura will be stepping down to pursue other interests after nearly eight years of service since his appointment in September 2017.

He will also step down as a member of the social, ethics and transformation committee and the strategy and investment committee.

Mazarura will continue to serve as CFO and executive director during his notice period of up to six months until December 31.

“It has been a privilege . . . We have continuously delivered solid results, and I am proud of our collective accomplishments and for the support of all Kumba employees, contractors, members of the Kumba executive team, as well as the board.

“While I will leave Kumba later this year, my commitment to delivering our clear objectives for the remainder of this year is as firm as ever,” Mazarura said on June 20.

Current Grindrod CEO Xolani Mbambo will succeed Mazarura as CFO and executive director on January 1, 2026, and will serve in his place on the social, ethics and transformation committee and the strategy and investment committee.

Mbambo is a seasoned executive, holding a chartered accountant qualification and an advanced management programme from Harvard Business School.

He has more than 20 years of experience in mining, logistics and finance, having held senior leadership roles at Grindrod and previously at Anglo American, where he gained extensive experience across finance, project execution, business performance analysis and commodity marketing.

“I am honoured to join Kumba at such a pivotal time in its journey . . . I look forward to working with the talented team to build on the strong foundation laid by [Mazarura] and to drive continued success for all stakeholders,” he said.

“On behalf of the Kumba board, I extend our sincere gratitude to [Mazarura] for his . . . leadership and dedication . . . We wish him every success in his future endeavours.

“We also look forward to warmly welcoming [Mbambo] to the Kumba family. His proven record in mining and logistics, as well as his strategic acumen will be invaluable as we continue to safely and responsibly advance Kumba’s strategic ambitions and operational objectives,” Kumba chairperson Terence Goodlace said.

“Under [Mazarura’s] financial stewardship, Kumba has delivered strong operational and financial results but also advanced our sustainable mining strategy.

“We look forward to welcoming [Mbambo] to the leadership team. We are excited and confident about the energy and experience he will bring as we continue to build a successful future together. [His] leadership and experience in mining and logistics will add a lot of value to Kumba and all our stakeholders,” Kumba CEO Mpumi Zikalala added.