Transnet
Public Enterprises Minister Pravin Gordhan has expressed gratitude to Popo Molefe, the former chairperson of Transnet, for his dedicated service to the state-owned freight and logistics company. Molefe recently resigned from the company’s board after serving for five years in various roles.
Molefe was appointed as board chairperson in 2018 but was replaced by Andile Sangqu in July of this year. His resignation comes on the heels of the recent resignations of Group Chief Executive (GCE) Portia Derby and Group Chief Financial Officer (CFO) Nonkululeko Dlamini.
Gordhan acknowledged Molefe’s contribution to the fight against corruption and state capture within Transnet. He commended Molefe and his fellow board members for their relentless efforts to reclaim the company from vested interests. Gordhan also wished Molefe well in his future endeavors, highlighting the importance of public service in building a better future for South Africa.
The Department of Public Enterprises (DPE) led by Minister PravinGordhanhas announced that Harith General Partners and Global Airways, which make up Takatso Consortium, have been selected as the preferred Strategic Equity Partner (SEP) for the South African Airways (SAA), on Friday
The Department of Public Enterprises clarified in a statement that Molefe’s resignation was due to personal reasons and should not be linked to recent developments within the company. The department emphasized that Molefe’s departure should not detract from the ongoing efforts to address the challenges facing Transnet.
Meanwhile, Transnet has developed a comprehensive turnaround plan for the company, which it aims to submit to the Department of Public Enterprises in the coming week. The plan focuses on operational and financial initiatives to stabilize the business and position it for future growth.
Among the key principles of the turnaround plan are the balancing of financial stability and operational performance, improved asset management and infrastructure utilization, enhanced integration and operational execution, and improved employee engagement. The plan also includes measures to reduce costs, improve cash flow and working capital, and foster collaboration with stakeholders.
The Transnet board is actively working on filling the vacant executive positions within the company, recognizing the critical role these positions play in executing the turnaround plan. Additionally, the board is engaging with stakeholders, including the National Logistics Crisis Committee, to ensure a collaborative approach to addressing Transnet’s challenges.
To finalize the turnaround plan, Transnet will meet with the government this week, specifically representatives from the Shareholder Ministry and the Ministry of Finance. The company aims to gain approval for the plan and secure the necessary funding to implement its initiatives. Once approved and funded, the plan will be shared with key stakeholders, including organized labor, employees, customers, and lenders.
DURBAN, SOUTH AFRICA – MAY 19: Transnet logo during the launch of the Transnet-Phelophepa healthcare train clinic in Phoenix on May 19, 2020 in Durban, South Africa. According to a media release, the Transnet-Phelophepa healthcare train clinic is aimed at boosting the testing capacity for Covid-19 in the province, and is part of the KZN Provincial Government’s efforts to curb the spread of the deadly virus. (Photo by Darren Stewart/Gallo Images via Getty Image
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