Tshokolo Nchocho. Picture: JEREMY GLYN
Tshokolo Nchocho. Picture: JEREMY GLYN

The Cabinet has approved the appointment of  Land Bank boss Tshokolo Nchocho as the new CEO of the Industrial Development Corporation (IDC). 

Nchocho, who was recommended to the Cabinet by the IDC board, will replace Geoffrey Qhena who has been with the corporation for nearly 20 years, 13 of them as CEO. 

Qhena announced his resignation as head of the corporation, which has an asset base of R137bn, in August. He is leaving the organisation at the end of December.

The IDC board said on Thursday it was finalising the date when Nchocho would take up his new position.

Nchochohas strong academic qualifications and extensive experience in development finance and banking.

He has been at the helm of the Land Bank as CEO since 2015. He holds a BCom degree from the University of the North; a Master of Business Leadership from Unisa; a Master’s degree in Development Finance from the University of London; and an advanced management programme qualification from the Harvard Business School.

“His experience in development finance and banking stretches over a 28-year period, including a lengthy period at the Development Bank of Southern Africa and as the CEO of the Land Bank,” the statement said.

The board noted that under Qhena’s watch, investment in green energy increased significantly and the IDC introduced its black industrialists' programme. Over the past five years the IDC’s investment commitments totalled R72bn, an increase of 30% compared to the previous corresponding period.

These investments attracted a large level of private- sector investments, bringing the investment level to R176bn  and creating or saving 105,822 direct jobs, the board said.

ensorl@businesslive.co.za