Business leaders in talks on what to do next after Zuma’s ‘irrational, ill-timed’ move on Treasury
Members of the CEO Initiative – established to tackle the loss of investor confidence in the aftermath of Nhlanhla Nene’s removal as finance minister in 2015 and avert a sovereign credit rating downgrade – were on Friday morning engaged in consultations to discuss the group’s next move. This followed President Jacob Zuma’s shock decision to reshuffle his Cabinet late on Thursday night. Zuma replaced Pravin Gordhan as finance minister with Malusi Gigaba, who moves from home affairs. Sfiso Buthelezi takes over from Mcebisi Jonas as deputy finance minister. "In the light of the recent developments, members of the CEO Initiative are involved in a number of consultations with a wide range of South Africans to determine the next steps," said a spokesman for the group, led by Telkom chairman Jabu Mabuza. In an initial statement, the group of CEOs expressed disappointment at the decision.
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