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Eskom CEO resigns for health reasons 

No mention of interim CEO.

The chief executive of South Africa’s struggling power utility Eskom, Phakamani Hadebe, said on Friday he was stepping down for health reasons after leading efforts to stabilise the highly indebted state firm.

Eskom is regularly cited by ratings agencies as one of the main threats to the country’s creditworthiness and economic growth.

“It is no secret that this role comes with unimaginable demands which have unfortunately had a negative impact on my health. In the best interests of Eskom and my family, I have therefore decided to step down,” Hadebe said in a statement.

Hadebe added that he was “humbled and grateful to have contributed towards the stability for an organisation that is critical for our economy.”

He will step down at the end of July this year, the company’s board said. There was no mention of an interim CEO.

The government appointed Hadebe as chief executive in May 2018, ending a string of interim appointments that stretched back to 2016.

Eskom board chairman Jabu Mabuza said Hadebe should be commended for his “dedication and passion”.

Eskom faces generation capacity constraints and South Africa has been plagued by power cuts in the past year, undermining broader efforts to kick-start growth.

The economy grew an estimated 0.8% in 2018 after recovering from recession. Growth is forecast at 1.5 percent this year, and one factor in hitting that target will be how the government manages Eskom’s restructuring.

Battling to preserve Pretoria’s last investment-grade credit rating, President Cyril Ramaphosa has pledged to restructure Eskom with a R23 billion a year bailout over the next three years.

($1 = 14.4193 rand)

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Can’t blame him; he is known for the phenomenal turn-around at the Land Bank some years back and there’s no question about his integrity and business acumen. Unfortunately shortly after becoming Eskom CEO he wanted to freeze all salary increases to staff in 2019 as a first step to contain costs, but was stopped by the public enterprises minister, who had the unions breathing down HIS neck.
Now, a year down the line, Eskom debt has ballooned to almost R500bn, so who can blame Hadebe. Excellent decision to quit and put health and family first!
Can only wish him the very best wishes for his future (watch the private sector snap him up.)

Allrighty then. Who in his right mind would want to touch Eskom with a six feet pole? Eskom is doomed to fail, would anybody want to be CEO of Eskom? Anyone decent?

So, will he be getting a R 30 million Pension Fund payout too ?

Yes, the thought process of advisers after a stint of nothing improving at Eskom during his tenure got a bit too much. And the debt and failures continue…

“nothing improving”

Do some homework – who do you think was responsible to identify corrupt staff, fire them and work with the SIU to try to recover stolen money? The CEO – and that’s merely ONE of his achievements at Eskom in the last year.

Pity there is no focus on how to keep the lights on for the next ten years.

That’s three achievements. Who was corrupt, who was fired, who was prosecuted, what money was recovered? And lastly it is pathetic that a CEO of a entity is so uninformed of the financial and operational state of his own entity.

Lets remember that the Land Bank was a relatively small organization and Mr Hadebe started from a very low base. The turnaround of such an organisation was relatively simple compared to a corrupted cesspit like Eskom.

So The real issue was that he was simply not strong enough to stand up to:

1.the disgraced Zupta FD Pravin Gordhan who destroyed his suggested salary freeze for Eskom,
2. The unions who sabotaged the electricity supply.

Also I suspect that the true results for the year end will be disastrous so why take the flack for this when you are prevented from managing it

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