Today's Labour News

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eskomCity Press reports that struggling state-owned power utility Eskom will soon benefit from yet another boss – this time, a “chief turnaround officer”.  

This will be over and above the group CEO André de Ruyter, the chief restructuring officer Freeman Nomvalo, and the operational head Jan Oberholzer.  The department of public enterprises has confirmed the plan for this latest post.  While De Ruyter will take over some of the reins at Eskom in January, it is unclear whether the chief turnaround officer will report to De Ruyter or not.  Eskom was unable to answer questions about what the so-called chief turnaround officer would do, and how responsibility would be divided between the four top bosses of the organisation.  A spokesperson said the details would be worked out in the coming weeks and added that:  “We are looking at a number of options regarding how we organise ourselves to execute on the turnaround strategy and the reforms stipulated in the special [Eskom] paper.”  But Peter Attard Montalto, head of capital market investments at Intellidex, warned of having too many bosses who ended up either falling over each other or “simply sitting there with no real power”.  The chief restructuring officer was appointed in July, after Finance Minister Tito Mboweni made the appointment a condition for bailing out Eskom to the tune of R23 billion in immediate government aid.

  • Read the full original of the report in the above regard by Antoinette Slabbert at City Press

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