POWER UTILITY
Strong new Eskom leadership faces daunting challenge
Eskom’s shiny new leadership is led by business luminaries Jabu Mabuza and Phakamani Hadebe. Their immediate task as chairman and interim CEO, respectively, will be persuading banks to reopen lending facilities to the cash-strapped power utility, with an immediate need of R20bn. Eskom is headed for a default and risks suspension of its bonds on the JSE. While its weak board has been replaced with a strong one and former acting CEO Matshela Koko, who is facing allegations of corruption, was shown the door, its governance problems are not going to be dealt with overnight, and the state-owned company still has a reputation to repair. Banking Association of SA MD Cas Coovadia welcomes Hadebe’s appointment. "He has demonstrated his skills in turning an institution around and I have no doubt he will, with the support and guidance of a board that is now ethical and competent, make a significant positive impact on the critical weaknesses at Eskom," Coovadia says. Hadebe joins Eskom after a ...
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