After months of speculation and delays, South Africa named André de Ruyter as CEO of its debt-crippled state power utility, surprising investors with an unexpected choice and angering a key union.
Browsing: Phakamani Hadebe
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.
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.
The chief executive role at Eskom, considered the most challenging job in corporate South Africa, is attracting interest from people who know how difficult turning around the debt-ridden state utility will be.
Top South African businessmen called upon to help save ailing state-owned companies are abandoning their posts, frustrated by indecision and political interference.
Embattled state power utility Eskom will be temporarily led by Jabu Mabuza, its chairman, who will take over the roles of interim executive chairman and acting CEO starting from next month.
Eskom has advertised for a new CEO two months after Phakamani Hadebe announced he’d vacate the post.
South Africa’s indebted power utility Eskom was already searching for a CEO and an executive to lead a turnaround of the company. It will now have to cast its net even wider to include a treasurer.
Eskom, the beleaguered South African power utility, should quit coal-fired generation over the next 20 years and focus instead on transmission and regional grids, according to Greenpeace Africa.
An exodus of CEOs during the economic downturn is becoming alarming, particularly as there are apparently so few ready replacements.