Transnet CEO Portia Derby and CFO Nonkululeko Dlamini are set to leave the state-owned logistics company.
Dlamini, who joined the company in 2020, will leave with immediate effect while Derby, who also joined Transnet three years ago, will vacate her office at the end of October.
“The board has appointed Ms Michelle Phillips, Chief Executive of Transnet Pipelines, as acting GCE with effect from November 1 2023 while a recruitment process for a permanent GCE is under way. Ms Hlengiwe Makhathini has been appointed to act as interim GCFO. Both candidates were considered and recommended by the board as suitable to step into these respective roles in an interim capacity,” the company said in a notice to shareholders on Friday.
Both executives leave following pressure from business lobby groups and labour unions for the Transnet executives to be fired amid a continued deterioration of the entity’s financial position.
They also step down as the board prepares a turnaround plan for the SOE for public enterprises minister Pravin Gordhan. This is after the entity recorded a R5.7bn loss for the 2022/23 financial year due to declining revenue.
MaekoT@Businesslive.co.za
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