South African petrochemicals giant Sasol (SOLJ.J) has appointed Walt Bruns as its new chief financial officer, effective next month. Bruns will replace Hanre Rossouw, who has decided to step down after two years with the company to pursue another career opportunity. Rossouw’s departure will be finalized on August 31.

Bruns, currently serving as the finance chief for Sasol’s southern African operations, is stepping into the role during a challenging period for the company. On Monday, Sasol issued a profit warning, citing weaker prices that have led to significant writedowns on the value of its chemicals and fuel assets. The company, known for producing chemicals and synthetic fuels from coal, announced it expects to report a basic loss per share ranging between 68.82 rand and 71.48 rand for the fiscal year ending June 30. This is a sharp decline from the basic earnings per share of 14 rand reported the previous year.

Following this news, Sasol’s shares opened with a 1% drop on the Johannesburg Stock Exchange and have experienced a 31% decline since the beginning of the year.