The CEO of state-owned oil and gas company Petroleum Oil and Gas Corporation of SA (PetroSA), Xolile Sizani, has been suspended after less than a year in the role amid an unspecified investigation.
“PetroSA’s current group CEO, Xolile Sizani, has been recused from operations, pending the outcome of an ongoing investigation,” the company said in a statement on Thursday, adding that nonexecutive director Mmete Fusi would replace Sizani in an acting role until further notice, effective immediately.
“Fusi has vast leadership experience and knowledge of the continent’s minerals resources, oil and gas, ports and railways infrastructure,” the statement said.
Sizani, previously CEO of facilities management group Servest, took over the helm of PetroSA in March. He also previously held management positions at Medipos medical scheme, Afrox and Sasol.
“The board will continue to provide its unwavering support to PetroSA’s executive management in driving the organisation towards sustainability,” PetroSA said in Thursday’s statement.
“We appreciate the support of all PetroSA stakeholders, as the company navigates the important task ahead of implementing initiatives aimed at turning the business around.”
Business Day reported in June that Sizani had restructured his executive shortly after taking office and retained just one woman — a move that raised eyebrows in some quarters of the company.
Sesakho Magadla , who had served as acting CEO before Sizani’s appointment, was “redeployed” to the Central Energy Fund. Magadla had been with PetroSA for 16 years and at one point had been the acting COO.
Xoliswa Mpongoshe, who previously held the role of executive responsible for corporate services was demoted to head of department at the company, while Xolelwa Ntlango was removed as executive responsible for enterprise optimisation and moved to a general manager role at the SA National Petroleum Company.
The only woman remaining on the executive committee was group CFO Nombulelo Tyandela.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.