Central Energy Fund fills all vacant CEO positions
Without permanent CEOs state-owned group of companies struggled to fulfil its mandate for years
The Central Energy Fund (CEF) has filled its vacant CEO position, along with those for its subsidiaries, marking the first time in six years that the state-owned company and its divisions have had permanently appointed leaders.
On Monday the CEF announced its board of directors has filled all vacant CEO positions at all its group of companies — that includes the CEF itself as well as subsidiaries the Strategic Fuel Fund (SFF), Petroleum Agency of SA (Pasa) and PetroSA that have not had permanent CEOs since 2014.
The group said it has experienced a “turbulent period” in fulfilling its mandate over the years in which a number of executives were in acting CEO roles. This caused a number of strategic initiatives to be delayed, resulting in the CEF losing market share and experiencing revenue decline, it said.
The appointments come while the group, like all energy companies, faces turbulent times brought by the slump in fuel demand coupled with global oversupply, said CEF group chairperson Monde Mnyande.
The CEF said the appointments resulted from an intensified effort initiated by the group boards that were appointed by mineral resources & energy minister Gwede Mantashe in December last year.
“As a national energy company our response to this volatility must be to safeguard security of energy supply in the country in the long run,” Mnyande said.
“I am pleased that the appointment of these executives are finalised at a time when the CEF group is embarking on a campaign to drive investments in the energy value chain geared to reignite the SA economy and create much-needed jobs.”
Mnyande said the appointments will also lay a solid foundation to address the challenges in the security of SA’s energy future to create shareholder value as well as address the challenge of unemployment, inequality and energy poverty.
Ishmael Poolo, an executive with 20 years’ experience in the energy sector, including at Eskom, has been appointed as CEF group CEO.
Pragasen Naidoo, a chemical engineer who served as the group chief operations and business development officer at the CEF, has been appointed as CEO at PetroSA.
Godfrey Moagi, an oil and gas executive with extensive experience in the industry who previously served as acting CEF group CEO, has been appointed as permanent CEO of the SFF, after acting in the position.
Phindile Masangane, who previously was responsible for clean, renewable and alternative energy projects at the CEF, has been appointed CEO of Pasa.
Meanwhile Zanele Sibisi has been appointed as chief operating officer at the African Exploration Mining Finance Corporation. Before her appointment she served as COO at Wescoal and held various senior leadership roles at South 32-South Africa Energy Coal.