16 February 2011
Minister of Public Enterprises, Malusi Gigaba
It gives me great pleasure to announce that Cabinet today approved the appointment of Mr Brian Molefe as Group Chief Executive of Transnet, and as an ex officio member of the Transnet Board of Directors, with immediate effect. The appointment will be for a period of five years.
Transnet has been without a permanent Group Chief Executive for a considerable period, which is undesirable given its strategic importance to the South African economy. Mr Molefe’s appointment strengthens the stability of the leadership of Transnet, and allows the company’s primary focus to return to that of running a sustainable business, which provides economic benefit to our country, allowing us to achieve our objective of a Developmental State, in particular, the plans to expand capacity in our rail ports and pipelines infrastructure, to meet the demands of our growing economy.
Mr Molefe brings a wealth of expertise to the portfolio, and his understanding of capital markets and asset management will be invaluable as the company moves forward with its massive infrastructure investment programme.
I am of the firm view that Mr Molefe’s appointment will ensure that Transnet’s contribution to the New Growth Path is fully realised. The filling of critical vacancies within the Group also remains a priority for the incoming CEO. This supports President Zuma’s directive for government and state owned entities to fill vacant posts within a period of six months.
Following the appointment of the Board in December, and now the Group Chief Executive, our goal as shareholder to restore leadership stability to Transnet has been realised.
I would like to thank Mr Mafika Mkwanazi for his role in ensuring that the Board, within a short time after assuming office, has been able to conclude the process of interviewing and shortlisting candidates for appointment.
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Issued by: Government Communications (GCIS)