His Royal Darkness, Brian Molefe, new ESKOM CEO

Brian Molefe was asked to move ship from Transnet into the power utility’s hot seat because of his experience in turning around the Public Investment Corporation (PIC) and providing stability at Transnet. Public Enterprises Minister Lynne Brown explained this to reporters in Johannesburg on Friday when she announced that the Transnet CEO would assume responsibility of Eskom as its acting CEO with immediate effect.

“[It] is a clear indication that Mr Molefe is no stranger in leading complex institutions,” she said. “Given Eskom’s current financial and operational position, I am confident that we will be able to draw on his experience and understanding of the financial markets,” said Brown. “This secondment is also considered in light of Mr Molefe’s extensive understanding of the public sector and the environment in which state-owned companies operate,” Brown said. “As is evident from his CV, he has been involved with entities such as Telkom, the Airports Company of South Africa, the National Empowerment Fund and the Export Credit Insurance Corporation amongst others.”

The secondment of Molefe was made in consultation with various stakeholders including President Jacob Zuma, Deputy President Cyril Ramaphosa, and the boards of both Transnet and Eskom. Should suspended Eskom CEO Tshediso Matona return after the three-month inquiry, Brown said she would look for a different position for him within Eskom, Bloomberg reported. “I’d really like Mr Molefe to take over for a year,” said Brown.

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