Eskom’s dire financial situation was not sufficient to persuade finance minister Malusi Gigaba to bail out the power utility in his budget. Instead, he said government had prioritised leadership changes and improved corporate governance to make Eskom and other state-owned entities attractive to commercial lenders.Late last year, commercial lenders closed their books to Eskom, insisting it appoint a credible board and get rid of senior employees accused of corruption.In January, government appointed additional directors to the board, headed by chair Jabu Mabuza. Others included Sifiso Dabengwa, a former MTN group CEO who was previously a senior Eskom executive; current Imperial Holdings CEO Mark Lamberti; and former energy department director-general Nelisiwe Magubane.Among the new board’s first decisions were the appointment of Phakamani Hadebe as interim CEO, and the shedding of seven executives, including chief financial officer Anoj Singh and former acting CEO Matshela Koko."The ...

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