By Lehlohonolo Lehana.
Transnet Chief Executive Officer Portia Derby will step down at the end of October, while Chief Financial Officer Nonkululeko Dlamini will leave a month earlier, the company said in a statement on Friday
Derby was appointed in January 2020 to clean up Transnet after the corruption and mismanagement of state capture. But she and Sizakele Mzimela, the head of Transnet Freight Rail (TFR) have failed to turn the company around. Mzimela remains in her post at present.
Michelle Phillips, CEO of Transnet Pipelines, has been appointed acting group CEO with effect from November 1, while a recruitment process for a permanent group CEO is under way.
Hlengiwe Makhathini has been appointed interim group CFO.
“Both candidates were considered and recommended by the board as suitable to step into these respective roles in an interim capacity. Both Derby and Dlamini will be available to assist with the necessary handover processes as required, “Transnet said.
Derby has faced mounting pressure to resign from various industry bodies.
The board of Transnet was due to issue a report on the performance of the two executives on Friday after Public Enterprises Minister Pravin Gordhan directed them to assess their suitability for the posts.
Gordhan pledged on Sept. 1 to implement a “radical plan” for Transnet and stem the deterioration of its operational and financial performance. The government already revamped its board in July and appointed a former mining executive as its new chairman.