Public Enterprises Pravin Gordhan Tuesday appointed former Treasury Accountant-General Freeman Nomvalo as chief restructuring officer at embattled power utility Eskom.
Nomvalo, the CEO of the South African Institute of Chartered Accountants (Saica), will be expected to oversee the unbundling of Eskom into separate generation, distribution, and transmission entities, and to restructure its labour force, a move which could potentially result in thousands of job losses.
Gordhan said Nomvalo will also work with the Eskom board to implement the recommendations of the Presidential Task Team, appointed in 2018 to advise the state on interventions to save Eskom.
Eskom last week received a state bailout of R59 billion, and has total debt over R440 billion. It posted a R20.7 billion loss Tuesday.
Nomvalo (52) certainly has a challenging task ahead… Here’s what you need to know about the man.
Appointed to ‘save’ Saica
In January, Saica appointed Nomvalo as its CEO to help
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