South African executive Raymond Ndlovu named chair of $1.2 billion logistics giant Grindrod

South African executive Raymond Ndlovu has been appointed independent non-executive chairperson of Grindrod Limited, a logistics and infrastructure group that boasts a market capitalization of R19.5 billion ($1.2 billion), marking a leadership change as the company continues expanding its integrated supply chain operations.

The appointment follows several years of Ndlovu’s service on the board, where he has been involved in governance and strategic oversight. The company said his long tenure has given him a clear view of its operations, internal processes, and long-term priorities as it continues to focus on freight, ports, and rail-linked logistics across southern Africa. Ndlovu is expected to provide continuity at board level while supporting management as Grindrod pursues efficiency gains and stronger coordination across its logistics network.

The company said his experience and familiarity with its structure were key factors in the decision. Ndlovu has held senior roles across investment and infrastructure sectors over the past two decades. He is executive chairman of Serendipity Ventures, an investment firm founded in 2014 that focuses on opportunities in financial services, consulting, and technology businesses in partnership with management teams. 

Leadership transition supports strategy continuity

Raymond Ndlovu previously served as group CEO of Community Investment Ventures (CIVH), where he oversaw investments in broadband and digital infrastructure assets. His earlier career spans roles in investment banking, asset management, and stockbroking, beginning in the late 1990s. He has worked at Standard Chartered Merchant Bank, Noah Capital Markets, Invenfin, and Remgro, building experience across capital markets and corporate finance.

Alongside his executive work, Ndlovu serves on several boards, including OUTsurance Group, and holds non-executive positions in investment and advisory firms, including AlphaCode Venture Partners and Investment Managers Group. He is also a co-founder of Black Elephant Vintners, a wine business based in South Africa. Within Grindrod, leadership said his long involvement with the board makes him well positioned for the role. “He understands the business and has worked closely with the board for years,” the company said, adding that his appointment supports continuity as the group advances its strategy.

Chief Executive Kwazi Mabaso said the company looks forward to working with the new chair as Grindrod continues to execute its plans. He said Ndlovu brings experience, measured judgment, and familiarity with the group’s operating environment. “Raymond’s experience and steady approach will be important as we continue building on our current work,” Mabaso said.

Grindrod expands southern Africa network

Grindrod operates logistics infrastructure across ports, rail, and freight corridors in southern Africa and has expanded its footprint through subsidiaries, joint ventures, and associated companies in multiple markets. The group has been increasing its focus on rail-linked freight services as part of efforts to improve network efficiency. The company is also advancing expansion work at the Matola terminal project, which targets capacity of about 12 million tonnes by early 2027, with an estimated investment of about $40 million.

For the year ended December 31, 2025, Grindrod reported revenue of R5.56 billion ($340 million), up from R4.98 billion ($303.2 million) a year earlier. Core EBITDA rose 13 percent to R2.3 billion ($140 million), while profit for the year increased to R2.14 billion ($130.3 million), compared with R389.5 million ($23.7 million) in 2024. Core headline earnings climbed 17 percent to R1.2 billion ($73.1 million), with earnings per share at R1.765. The group generated R2.0 billion ($122 million) in cash from operations over the period.