Moneyweb reports that Transnet Group CEO Portia Derby has surrendered to pressure from several quarters and resigned from the embattled ports and rail state-owned group. She will leave at the end of October.

The second most high-ranking executive at the company, Group Chief Financial Officer (GCFO) Nonkululeko Dlamini, also exited, but Friday was her last day, after she apparently resigned at the beginning of September. Derby is believed to have negotiated a substantial settlement for her departure. Her annual salary was in the region of R8.5 million. Derby and Dlamini’s departure come after Transnet faced increased pressure and calls from organised business bodies, including the Durban Chamber of Commerce and Industry and the Minerals Council of SA, to resign in the wake the group’s worsening operational and financial performance. Derby became Transnet group CEO just before the Covid-19 pandemic hit, back in February 2020. She also took the reins at a time when Transnet had to deal with state capture and corruption linked to its former executives. Transnet’s board has appointed Michelle Phillips, current Chief Executive of Transnet Pipelines, as acting Group CEO with effect from 1 November 2023, while a recruitment process for a permanent CEO is underway. Hlengiwe Makhathini has been appointed to act as interim group CFO.

• Read the full original of the report in the above regard by Suren Naidoo at Moneyweb
• Read too, Transnet CEO Portia Derby calls it quits, at Fin24

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