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Brian Molefe, ex-PIC boss, now Transnet’s CEO

Minister of Public Enterprises Malusi Gigaba has just announced.

JOHANNESBURG – Brian Molefe, the previous head of the Public Investment Corporation (PIC), which has R1trn under management, has been appointed CEO of Transnet with immediate effect.

He will also be an ex officio member of the Transnet board of directors, with. The appointment will be for a period of five years, a statement from the Department of Public Enterprises said.

Transnet has been without a permanent CEO since Maria Ramos left the parastatal for Absa in March 2009.

On December 16 last year Mafika Mkwanazi was tasked with the additional responsibility of assuming the group chief executive (GCE) function replacing acting GCE, Chris Wells, who resigned from the company with effect from March 31 2011.

Minister of Public Enterprises Malusi Gigaba said “Molefe brings a wealth of expertise to the portfolio, and his understanding of capital markets and asset management will be invaluable as the company moves forward with its massive infrastructure investment programme.

“I am of the firm view that Mr Molefe’s appointment will ensure that Transnet’s contribution to the New Growth Path is fully realised. The filling of critical vacancies within the Group also remains a priority for the incoming CEO. This supports President Zuma’s directive for government and State owned entities to fill vacant posts within a period of six months.

“Following the appointment of the board in december, and now the group chief executive, our goal as Shareholder to restore leadership stability to Transnet has been realised.”

Molefe stepped down from the PIC in June last year. Many speculated that it was only a matter of time before he left because of his alleged links to former President Thabo Mbeki.

Molefe is known for his outspokenness – at the PIC he spoke out against the appointment of Barloworld’s Deputy Chairman Trevor Munday, which saw Munday step down. Molefe said the decision to appoint a white deputy to advise the company’s first ever black chairman in its 105-year history was “racist”.

Molefe joined PIC in June 2003 from the National Treasury where he was deputy director general. He was in the top seven best paid parastatal bosses in executive remuneration terms in the year to March 31 2009 earning R3.9m.

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