Embattled state-owned defence firm Denel’s Group Chief Executive Officer, Danie du Toit, has resigned after less than two years at the helm.

In a statement, the Denel Board says Du Toit will be leaving the company on the 15th of August.

Du Toit’s appointment was approved by Cabinet at the end of 2018 and he spent much of his time trying to turn around the ailing state-owned enterprise.

Denel has been in financial straits for a number of years and was unable to pay employees full salaries for the past two months.

The firm says its turnaround plan is continuing, focusing on protecting promising business lines, disposing of non-core assets, and seeking strategic partners to increase access to international markets.

An interim Group CEO will be appointed soon.

In the video below, Du Toit talks about the company’s turnaround strategy: