The Industrial Development Corporation’s (IDC) new CEO, Mmakgoshi Lekhethe, will take over the role next month, the development institution said on Tuesday.
The IDC in December announced the appointment of Lekhethe, a national veteran as its next CEO, replacing Tshokolo Nchocho, who stepped down at the end of 2023.
Lekhethe, who previously served as the Treasury’s deputy director-general in charge of asset and liability management, would begin her responsibilities as CEO on February 1, the IDC said. She is the IDC’s first female CEO.
We are proud to share that Ms. Mmakgoshi Lekhethe has been announced as the first woman Chief Executive Officer and Executive Director of the IDC.
— IDC South Africa (@IDCSouthAfrica) December 5, 2024
Ms. Lekhethe is an accomplished executive with over 20 years of experience in the public finance sector and a demonstrated history… pic.twitter.com/VCPfSYFBxN
Lekhethe has a storied career at the Treasury, having first joined in 1996 as deputy director of foreign debt management.
She was promoted to director of foreign debt management in 1999, and then chief director of strategy and risk management within the asset and liability management division in 2002.
Following a three-year stint as a senior economic adviser at the World Bank, Lekhethe returned to the Treasury as deputy director-general of international and regional economic policy.
She spent six years as an executive director for the African Development Bank, before again returning to the Treasury in 2022.
Before starting her career, Lekhethe studied economics at the University of Durban Westville and the University of Witswatersrand, and receiving a master’s degree from the University of London.
Finance minister Enoch Godongwana expressed his confidence in the new CEO back in December, calling her “an accomplished public servant and a proven leader”.
“She has a proven track record and is without a doubt a benefit to any organisation. She has served the National Treasury for close to two decades and as sad as we are to see her go, I am glad that she is not lost to government entirely.
“Ms Lekhethe’s considerable local and international experience in financial markets and economic policy puts her in good stead to lead the IDC’s push to reinvigorate SA’s industrial policy agenda at time when the economy needs it most. I wish her well on this new journey,” he said.
In December, IDC chairperson Busi Mabuza welcomed Lekhethe on behalf of the board, saying “her experience and appointment is a testament to her suitability to lead the IDC and contribute to its mandate”.
Mabuza also thanked Lekhethe’s predecessor, interim CEO David Jarvis, for his leadership, saying “the continuity and stability of the IDC during this interim period will serve as a strong foundation for Ms Lekhethe to build upon”.
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