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Transnet CFO joins Eskom

On a six-month contract.

JOHANNESBURG – South Africa’s state-owned Eskom hired fellow utility Transnet’s Chief Financial Officer Anoj Singh on a six-month contract, the power supplier said on Thursday.

The announcement comes a day after Eskom renewed the contract of its acting CEO Brian Molefe, also seconded from Transnet.

The suspensions of Eskom’s top executives in March were triggered by an inquiry called by the cash-strapped utility’s board, and led to the eventual resignation of then chief executive Tshediso Matona after less than 12 months in the job.

On Wednesday, Eskom said the inquiry had found no wrongdoing by any of the five executives under scrutiny.

Earlier this month the government sold its stake in mobile phone firm Vodacom, at a 10% discount to market prices, to raise funds for the cash-strapped power utility which has a R200 billion funding gap.

Regular electricity outages have brought the power grid close to collapse, putting a brake on growth inAfrica’s most advanced economy.

In a statement released on Thursday, Eskom said Singh’s secondment is effective from August 1 2015 and that he would be responsible “for driving all aspects of the company’s finance strategy, including the R250 billion funding plan.

“At Eskom, he will be primarily tasked with transforming the company’s finance function, aligning it with key strategic priorities of generation, funding and build programme, while enhancing the approach to tariff applications.

“Mr Singh, a Chartered Accountant, has been in the role of Group Chief Financial Officer at Transnet for the past six years. He led Transnet’s treasury operations which saw the company raising billions in both domestic and international markets…. During his tenure as CFO, Transnet launched its rolling seven-year infrastructure investment programme which currently stands at R336 billion,” states Eskom.

According to a Transnet statement, Garry Pita has been appointed as acting Group CFO with effect from August 1 2015.

“Garry, a Chartered Accountant, has been with Transnet for the past 10 years. Previously, he held senior positions at auditing and advisory firm KPMG’s local and international operations. At Transnet, he has led some of our biggest finance projects such as IFRS Conversion and was Head: Group Internal Control. Currently, he is Group Chief Supply Chain Officer, overseeing our capital and operational procurement activities,” states Transnet.

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