The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
South Africa appointed Andre de Ruyter as chief executive officer of Eskom Holdings SOC, the debt-strapped utility that provides about 95% of the nation’s electricity and poses the biggest threat to its economy.
De Ruyter, who is currently the CEO of Nampak Ltd, will take up the post on January 15, the Department of Public Enterprises said in a statement. The state-owned power company has been looking for a new CEO since Phakamani Hadebe in July became the 10th person to vacate the post in as many years.
De Ruyter takes the helm at Eskom in what is the most critical period since its establishment in 1923. The loss-making utility has $30 billion of debt and is struggling to fix aging power stations and correct defects in new ones. Saving the business is a key goal of the government, which is sustaining it with 138 billion rand of bailouts over the next three years alone.
Public enterprises minister Pravin Gordhan has unveiled plans to split Eskom into generation, transmission and distribution units by the end of 2021, a reorganisation he says will enable the businesses to manage costs more effectively.