Sipho Maseko, who announced last week that he will step down as Telkom CEO next year, saved the company from impending ruin. That might sound like an overstatement; it’s not. By Duncan McLeod.
Browsing: Jabu Mabuza
The former chairman of both Telkom and Eskom, Jabu Mabuza, a widely admired businessman, died from Covid-19 complications on Wednesday, his family announced.
Net1, the company that used to manage the payment of social grants in South Africa, has appointed former Telkom and Eskom chairman Jabu Mabuza as chairman-designate of its board.
The chairman of Eskom resigned from his post after the power utility resumed rolling blackouts earlier than expected in 2020.
André de Ruyter, the incoming head of South Africa’s debt-burdened state power utility, engaged in questionable stock sales while working as a senior executive at Sasol in 2013, according to a forensic audit report.
The financial woes dogging South Africa’s behemoth state power utility show little sign of letting up even as the government grants it massive bailouts.
While the government pledged to name a new head of Eskom by the end of October, it’s missed repeated deadlines to act, evidence of how politically fraught the process has been.
Eskom said it is disappointed by the decision as the current board and management “have worked painstakingly hard to try and resolve corporate governance issues of the past regime”.
South Africa has unveiled its long-awaited plan to save its debt-stricken state power utility, including exposing it to greater competition, lowering fuel costs, increasing renewable energy output and selling non-core assets.
Deloitte has become the latest international company dragged into South Africa’s government-linked corruption scandals.