Ailing state-owned oil company PetroSA has appointed its acting CEO as the chief operating officer, a position that previously did not exist, with a big salary hike and a once-off compensation of R4.6m. The company has posted huge losses over the past four years and had a projected loss of R2.2bn for the year to March 2017. This followed its record R14.6bn net operating loss in the 2014-15 financial year, the biggest by a state-owned entity. While there was an improvement from the previous year, its draft annual financial statement for the year ending March 2018 shows the group having reported a loss of R201m. Despite this, PetroSA is still spending huge amounts of money on salaries for its executive management and interim board, which was meant to be replaced by a permanent board in April. There is currently no stability in the top echelons of the company with the entire executive management — and the board — sitting in acting positions. Acting CEO Kholly Zono was appointed chief o...
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