CEO exodus: Transnet, Eskom, PnP, Naspers and more …

You can also listen to this podcast on iono.fm here. ADVERTISEMENT CONTINUE READING BELOW JIMMY MOYAHA: On Friday after market close we got a confirmation that the Transnet CEO was stepping down, along with the Transnet CFO. This morning Pick n Pay announced that their CEO was stepping aside. It looks like there have been quite a few of these announcements.

JIMMY MOYAHA: Let’s start with the Transnet one, because we’ve touched on the other ones in the past. But let’s look at the Transnet one given that the CEO and CFO have now left the business and there have been comments around the business being rudderless, there have been comments around the fact that we need decisive action from the minister of public enterprises.

If they don’t take lessons, then you are actually just going to end up with another iteration of the same issues. KHAYA SITHOLE: The biggest problem with Eskom and Transnet is the simple question of what exactly the shareholder ought to do in relation to these leadership changes. I think what we now know in relation to the Eskom scenario is that it has come down to a question of semantics, of saying: ‘Well, you guys sent me only one name of the person whom you thought appropriate, while the law allows me to demand three names from you.

I think the fact now that the process has been stalled doesn’t reflect well on the shareholder. It doesn’t reflect well on the government. So, if you have a fully constituted board and they’ve gone on a worldwide search underpinned by reputable recruitment agencies, and they take the view that this is the individual who should be taking on the job, it’s always been difficult to understand what exactly it is that a minister – or a cabinet structure or a deployment committee that does not actually interview any of the candidates – what exactly then becomes the basis for them saying that no, candidate one is not good and candidate...

KHAYA SITHOLE: Well, there’s a complication in that actually the appointment in relation to the CFO of – well, now Telkom seems to have predated last Friday’s issues in the sense that she was already under a notice period at Transnet; the fact that it wasn’t announced when it started is a story on its own. But if we are to go on the word of Transnet, this resignation actually was at the beginning of September rather than the end of September.

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