Good week for Pravin Gordhan, bad week for Hassen Adams
Gordhan continues to clean up state-owned companies, while Grand Parade loses another top executive
Continuing his clean-up of the boards and management of state-owned companies implicated in alleged "state capture", public enterprises minister Pravin Gordhan appointed an interim board at Transnet, chaired by former Prasa chair Popo Molefe. Gordhan expects the new board, yet to be confirmed by cabinet, will provide the kind of leadership required to protect state assets. In another sign of the new broom at work, state arms company Denel accepted the resignation of tainted group CEO Zwelakhe Ntshepe.
To lose a CEO a year after their appointment may be bad luck, to lose the CFO too a month later borders on negligence. So what is Grand Parade’s chair and now sole remaining executive on the board Hassen Adams up to? The mysterious departures of his key executive team, twice over in two years, is going down as well as a 3am meal from Burger King followed by an old Dunkin’ Donut. No wonder shares in Grand Parade show no sign of stopping their relentless slide. Time to come clean with the market, Mr Adams.