Johnathan Paoli
Transnet CEO, Portia Derby and CFO Nonkululeko Dlamini have rendered their resignations, with the CFO having completed her month’s notice on Friday and the CEO expected to step down from October 31.
The utility’s board on Friday appointed Michelle Phillips as acting CEO with effect from 1 November and Hlengiwe Makhathini as the acting Group CFO.
“Both candidates were considered and recommended by the board as suitable to step into these respective roles in an interim capacity,” said Transnet in a statement, adding that both Derby and Dlamini will be available to assist with the necessary handover processes as required.
The resignations follow calls by the Minerals Council of South Africa (MCSA) on the Transnet board in December last year, to sack Derby, due to the impact of the company’s worsening operational performance in the sector and the economy.
Derby and her senior management team have been under pressure from mining companies, industry bodies and labour unions over the deteriorating performance of the freight rail utility. Moreso recently, the company’s financial and operation crisis has worsened under her watch.
Public Enterprises Minister Pravin Gordhan has been tasked with filling the vacancies at the country’s two critical state-owned entities.
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