There’s quite a list of them in the past few months alone.
CEOs are quitting their jobs at an alarming rate – including, just this year, at Eskom, Transnet, Transaction Capital, Tiger Brands, Bell Equipment, Pick n Pay, Nampak, and the Public Protector.
He estimated that theft was costing the organisation R1 billion a month. That’s only part of it. The South African Reserve Bank estimated load shedding was costing the country R900 million a day. Cumulatively, load shedding may have cost more than R1.2 trillion, according to evidence led in a March 2023 court case in the Pretoria High Court, brought by civil society organisations trying to end load shedding.
Leadership at state-owned companies is seen as potentially career-ending, or at least injurious to one’s mental health, as you have to deal with cabinet members often hostile to any form of restructuring, lest this be seen as privatisation by stealth.Transnet CEO Portia Derby and Transnet Freight Rail CEO Sizakele Mzimela recently announced their departure, weeks after group CFO Nonkululeko Dlamini announced her move to Telkom.
Gordhan overhauled the board in July and appointed Minerals Council vice-president Andile Sangqu as chair of Transnet, giving voice to the logistics operator’s major customers .Transnet’s senior management was accused of pushing back against President Cyril Ramaphosa’s order to create cooperative forums involving mining houses to iron out operational efficiencies, and this no doubt contributed to the recent departures.
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