President Cyril Ramaphosa's mission to fix two of South Africa's most ...
JOHANNESBURG - President Cyril Ramaphosa’s mission to fix two of South Africa’s most troubled state companies, power firm Eskom and South African Airways , could take longer than planned after their chief executives quit within a week of each other.
The roles at Eskom and SAA are some of the most challenging in corporate South Africa, with fierce disagreements over how the companies should operate, meaning it will be difficult to find replacement leaders quickly. Ramaphosa has appointed a raft of advisors to come up with solutions to Eskom’s woes and has preferred to listen to their views rather than consult Hadebe, the sources said.
“The revolving-door policy at key state-owned enterprises does little to instil investor confidence,” said analyst Shaun Murison at IG Markets. They said the scale of the problems facing Eskom, which range from liquidity issues to coal quality, meant it was unrealistic to expect the CEO alone to solve them. Fiscal constraints meant the government had to opt for a “phased recapitalization” rather than giving SAA all the money it wanted in one go, they added.
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