Nampak CFO Glenn Fullerton to step down at end of August

SOUTH AFRICA — JSE-listed packaging group Nampak has announced that chief financial officer Glenn Fullerton has resigned and will step down from his position effective August 31, concluding an 11-year tenure with the company.

Fullerton will continue to perform his duties during the remainder of his notice period, working closely with the board and executive management to ensure continuity and a smooth transition.

The company confirmed that a formal succession process is underway, led by the board’s nominations and remunerations committee, to identify a suitably qualified and experienced replacement.

In a statement to shareholders, Nampak expressed appreciation for Fullerton’s contribution, particularly his leadership during a period marked by significant operational and financial restructuring.

“The board expresses its appreciation to Glenn for his contribution to the company over the past 11 years and specifically his leadership during a period of significant change,” the company said.

Fullerton’s departure comes at a critical time for Nampak as it continues to stabilize its balance sheet and streamline operations following an extensive recapitalization and asset rationalization program over the past two years.

The group has been reshaping its portfolio to focus on core beverage and food packaging markets across Africa, while strengthening liquidity and improving operational efficiency.

Leadership transitions at senior finance level have been a recurring theme across the packaging sector in 2025, as companies navigate cost pressures, currency volatility and evolving sustainability requirements.

Recent CFO changes at regional and global packaging firms reflect the increasing emphasis on disciplined capital allocation and strategic transformation.

Nampak did not provide further details regarding Fullerton’s future plans. The company indicated that it will update shareholders once a successor has been appointed.

The market will be watching closely to see how the new CFO builds on recent restructuring efforts and supports the group’s long-term growth strategy within Africa’s competitive packaging landscape.

Meanwhile, Nampak posted US$208.50m profit for the financial year ended 30 September 2025, reversing a loss of R381.4 million (US$22.40m) in 2024 and marking one of the most dramatic turnarounds in its recent history.

The results, released on 8 December 2025, show the company’s multi-year restructuring efforts, centred on asset disposals, debt reduction, and operational optimization, are finally bearing fruit.

Nampak, the largest producer of beverage cans in South Africa and Angola, has spent several years under pressure from declining volumes, high debt, and weak economic conditions.

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