Good week for Lungisa Fuzile, a bad week for Philisiwe Mthethwa
With huge relief, Lungisa Fuzile, a pillar of sound governance at national treasury which he’d served for 19 years — the last six as director-general — finally bowed out, to return to his first love, farming in the Eastern Cape. Fuzile quit a year before his contract ended, after Pravin Gordhan was fired as finance minister by President Jacob Zuma in March. He leaves at the top of his game, having overseen a smooth handover to new minister Malusi Gigaba, who described Fuzile as a model public servant who leaves behind a strong legacy.
Whatever the end goal of restructuring the business and management of construction giant Group Five, chair Philisiwe Mthethwa finds herself running a board which major shareholder Allan Gray is lobbying to replace. "We have lost faith in the board and think the company needs a fresh start, with a reconstituted board," says Andrew Lapping, a director of Allan Gray. There has been growing concern about the direction of Group Five, reflected in a string of resignations, including the CEO’s, and a droopy share price.