Minister of Defence and Military Veterans Angie Motshekga has announced a new Board of Directors for Denel, who she hopes will strengthen governance, restore operational performance, rebuild stakeholder confidence and guide Denel towards long-term sustainability.
The Minister made the announcement on Thursday 12 February, simultaneously expressing appreciation to the outgoing Board for their service “during a particularly challenging period in the company’s history.” Their efforts in maintaining stability and laying groundwork for recovery are acknowledged and appreciated, Motshekga stated.
“The incoming Board brings a wealth of experience across governance, defence, finance, engineering and executive leadership. We have full confidence in the capability of the new Board to strengthen governance, restore operational performance, rebuild stakeholder confidence and guide Denel towards long-term sustainability,” Motshekga said.
“We look forward to working closely with the new Denel Board as it undertakes the task of being an innovative, ethical and commercially viable entity with a sustained ability to deliver world-class products across the spectrum of aerospace, defence related technologies-from land to sea, to airspace, cyber, space and security environments”, added Motshekga
The new board will serve from 2026 to 2029 and is chaired by Tshidi Mokgabudi in an interim capacity. Mokgabudi was appointed as Acting Board Chairperson on 1 July 2025 having joined the Board on 25 June 2022. She is a Chartered Accountant (SA) and has a Diploma in Tax Law, Honours BSc, Bachelor of Accounting Science, Bachelor of Commerce, Economics and Industrial Psychology, Integral Couch, Diploma in Nutritional Supplementation, iEQ9 Integrative Enneagram. She was a member of Audit and Risk and Social and Ethics Committees. She has been a director in various companies like Truworths International, Adcorp Holdings, Lanseria Airport, Vukile Property Fund, Hensoldt SA and Alcutech Engineering (Pty).
Tsepo Monaheng continues as Group Chief Executive Officer and Matodzi Mukwevho continues as Group Chief Financial Officer.
New board members are Rita Lesenyeho, Honey Mamabolo, Pfumelani Mbulayeni, Thando Motlhabane, Justice Nkonyane, Mxolisi Sambo, Louwressè Specht, and Edna van Harte.
Lesenyeho is a finance executive, board chair and managing director with over two decades of experience across banking, financial services, energy, Fast-Moving Consumer Goods (FMCG) and professional services. She has a track record in executive leadership, digital transformation, strategic finance, cost optimisation and governance within complex, large-scale organisations.
Mamabolo is described by the Department of Defence as a South African business leader and engineer, best known as the former Managing Director of the South African Mint (a subsidiary of the SA Reserve Bank). As one of the first three Black female chemical engineering graduates from the University of Pretoria, she has a background in mining, manufacturing and finance and is currently a non-executive director with expertise in Environmental, Social, and Governance (ESG) and strategy.
Mbulayeni is the Managing Director and founder of PM Aviation Consulting. She is the first black female Aeronautical Engineer in South Africa and has over 20 years experience in civil and military aviation. Her work experience spans government and private entities globally. Her specialties include aircraft design and certification, compliance, organisational quality and safety management systems, continued airworthiness maintenance (CAMO) management and military aircraft certification.
She has supplemented her degree with various specialised aviation qualifications and a MBL (Masters of Business Leadership) qualification. She serves on numerous committees/councils, including the International Air Services Licensing Council (IASC), Regulating Committee for Meteorological Services (RCMS) and also serves as a non-executive director of a USA based Remotely Piloted Systems operations company.
Motlhabane is a Human Resources practitioner with a strong background in labour law and workforce governance, with human resources experience across banking, telecommunications, construction and manufacturing sectors.
Nkonyane is a former Chief of Logistics of the South African National Defence Force (SANDF). He studied in Canada, earning a BSc in Statistics and Financial Accounting from the University of Toronto. He served in senior military leadership roles before retiring in 2014. He subsequently held executive positions at the State Information Technology Agency and chaired the Military Aviation Authority Task Team from 2020 to 2022.
Sambo is a South African legal practitioner, arbitrator and mediator with over 28 years in the legal field. He holds an LLB and LLM, with specialisation in constitutional litigation, fundamental rights and company law and is a certified arbitrator with the Association of Arbitrators (Southern Africa). He is the founder of Zwane Sambo Incorporated, where he leads a practice focused on litigation, arbitration, mediation and sports law.
Specht is an admitted attorney of the High Court with an LLB and MBA, bringing experience in legal counsel, corporate governance, risk management and executive leadership across public and private sectors.
Van Harte is an Executive and Board Director with more than 40 years of experience across the public, defence, and higher education sectors. “A seasoned strategist that offers a unique dual capability: SOE strategic expertise and strategic insight into the South African National Defence Force (SANDF). She is recognised for her ability to bridge the gap between civilian oversight and military command structures. Her expertise is an invaluable asset in ensuring institutional sustainability and the comprehensive readiness of national defence assets,” the Department of Defence said.
“The appointment of the new Board marks an important step in stabilising the company and accelerating its turnaround and recovery,” the Department concluded.
Responding to the appointment of the new board, defence expert Dean Wingrin said they will have their work cut out for them “to turn this train wreck around” and will still need Treasury support. He expressed concern over the limited experience of new board members in running an industrial company with a heavy research and development component.
Denel’s performance has been severely compromised since 2016 by governance failures, the effects of state capture, and the collapse of internal systems. Since April 2025, Denel has fallen under the shareholder control of the Department of Defence and Military Veterans, marking a shift from its previous position under the Department of Public Enterprises.
In a June 2025 presentation to Parliament, Denel reported an unaudited profit of R223 million for the 2024/25 financial year, its first since 2016, but projected several years of subsequent losses. For the 2024/25 financial year, revenue stood at R1.3 billion, well below the R8.4 billion high it achieved in 2015/16.
During the 2023/24 financial year, R1.4 billion worth of orders were placed with Denel, and this increased to R4.3 billion in 2024/25. Denel said it has an order opportunity pipeline worth more than R53 billion, with R45 billion in high value potential contracts for artillery, armoured vehicles, missiles, and unmanned aerial vehicles (UAVs).
Monaheng told Parliament the company is stabilising, but its position remains precarious. “We stretch every rand. Liquidity is our biggest constraint, and though we’ve made progress, it’s far from resolved.”
Denel’s corporate plan forecasts breakeven by 2027/28, when revenue is projected to grow to R3 billion.
In November last year, Denel said it was “quite confident” of recovery as it exits what a statement has as “a challenging period in its history”. The company said it was busy with “a critical turnaround to optimise operations, bolster delivery capacity and rebuild trust among industry partners, employees, organised labour, suppliers and end-users within the defence sector”.
