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Bloomberg reports that the protracted search for Eskom’s new chief executive officer has raised tensions between Public Enterprises Minister Pravin Gordhan and the state-owned power utility and its board, according to people familiar with the matter.
Andre de Ruyter announced his resignation as CEO nine months ago, yet a permanent replacement hasn’t been named despite an ongoing energy crisis that is taking an ever-increasing toll on the economy. A candidate put forward by the board was reportedly rejected on procedural grounds. The board and its chairman, Mpho Makwana, have become frustrated that the selection process has been delayed because of demands from the minister, said one source. Some board members threatened to quit in the coming weeks if Gordhan rejected their recommendation, another source said. According to Eskom, it reviewed 150 potential candidates in its global search for a CEO and had identified “a clear number one,” with two others as joint runner-up. While the utility forwarded its preference to the government, it was deemed to have failed to have met a requirement in the company’s memorandum of incorporation to submit three names and its recommendation was sent back. “The board’s governance and strategy committee is applying its mind and working towards a speedy resolution. Upon conclusion, the shareholder and Eskom will make appropriate announcements,” Eskom said in response to questions.
- Read the full original of the report in the above regard by Loni Prinsloo & Paul Burkhardt at Moneyweb
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