Wed. Jul 17th, 2019

Eskom CEO Phakamani Hadebe to resign in July

Eskom CEO Phakamani HadebeEskom boss Phakamani Hadebe announced that he will be stepping down, just 12 months after being permanently appointed.

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The power utility announced on Friday 24 May that Eskom Group Chief Executive Officer, Phakamani Hadebe, will step down at the end of July.

Eskom said in a statement that Hadebe “has been instrumental in driving stability at Eskom during a very challenging period”, despite the position’s “unimaginable demands.”

Eskom’s CEO is putting his health and family first

Hadebe is stepping down due to the negative impact it has on his health. He added that it would be “in the best interests of Eskom and my family” to step down. He said:

“It was a privilege to serve South Africans as the Group Chief Executive of Eskom. I am humbled and grateful to have contributed towards the stability for an organisation that is critical to our economy.”

Eskom, in turn, thanked Hadebe for his commitment and the successful implementation of their strategy to “deliver on both [their] commercial and developmental mandate.”

Hadebe had taken over from a number of controversial Chief Executive Officers. In addition, the challenges of Eskom being in the spotlight during the state capture inquiry would take its toll on the best of us.

Also read – Revealed: Here’s how Eskom plan to get rid of load shedding this winter

Phakamani Hadebe: Career and education

Hadebe worked in the National Treasury for five years before serving as the Chief Executive Officer and Director of the Land and Agricultural Development Bank of South Africa from 2008 until 2013.

He was responsible for the huge turnaround at the Land Bank and saved the institution from the pit of corruption. Prior to his involvement, the Land Bank had cost taxpayers approximately R3.5 billion.

Hadebe fired most of the Land Bank’s top officials and laid charges against corruption employees. He believes in rooting out corruption, regardless of how long it takes to see the results.

From December 2013 to January 2018, Hadebe was the head of the investment banking division of Barclays Africa. There, he led the CIB client strategy for Africa.

Hadabe obtained an MA in Economics from the University of Durban Westville. He also holds an MA in Rural Development from the University of Sussex in England.

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