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November : Three key state-owned companies to get new CEOs – Brown

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10 November, 2017

Three key state-owned companies to get new CEOs - Brown

Three key state-owned companies to get new CEOs – Brown


Public Enterprises Minister Lynne Brown has announced the appointments of senior executive directors at Denel, Safcol and Alexkor

Public Enterprises Minister Lynne Brown on Thursday confirmed senior appointments at three state-owned companies (SOCs).

A day after Finance Minister Malusi Gigaba in his medium-term budget policy statement speech to Parliament warned that state-owned enterprises posed the biggest risk to South Africa's economy, Brown announced appointments of executive directors at Denel, the South African Forestry Company (Safcol) and Alexkor.

In a statement, Brown's office said the appointments were approved by Cabinet on 18 October.

"The executives are appointed as ex officio members of the companies' respective Boards of Directors, on five-year contracts subject to annual performance reviews," the statement said.

"Stable leadership is critical to the implementation of short- to medium-term plans to improve SOC sustainability and their impact on the economy."

Zwelakhe Ntshepe, who has been acting as group CEO of Denel, was permanently appointed to the position while Odwa Mhlwana was confirmed as the new group CFO.

Denel is South Africa's state-owned arms manufacturer.

"Denel plays a significant role in industrial growth through its development of key defence technologies, manufacturing and maintenance activities, well-defined infrastructure and strong human capital."

Ntshepe holds an MBA, while Mhlwana is a chartered accountant.

The South African Forestry Company (Safcol) has a new CEO in Tsepo Monaheng .

Monaheng has BSc degrees in Physics and Mathematics and electronic engineering and an MBA.

"Safcol plays a catalytic role in the realisation of the state's afforestation, rural development and economic transformation goals," read the statement.

Lemogang Pitsoe was confirmed as the new CEO of Alexkor. Adila Chowan is the state-owned diamond miner's new CFO.

Pitsoe hold a Master's in Business Leadership and a BTech in Mining Engineering.

Chowan is a qualified chartered accountant.

"Alexkor's core business is mining, specifically exploiting a large land-based diamond resource and extensive diamondiferous marine deposits," said Brown.

"Alexkor, as a commercialised state asset, has significant strategic importance for the Namaqualand region. The appointment of new executives is vital to driving sustainable performance at Alexkor."

- African News Agency