Eskom, the South Africa’s power utility said its board has commissioned an independent inquiry on the current status of the business and its challenges.
According to the company, the board, in its quest to address the current challenges has deemed it prudent to seek an independent view on the status of, among other things; the poor performance of generation plant, delays in bringing the new generation plant on-stream, high costs of primary energy and cash flow challenges.
“To ensure that this process is as transparent and uninhibited as possible, the Board has also resolved that four of its senior executives, including the Chief Executive, should step down for the duration of this enquiry,” said Eskom Chairman, Zola Tsotsi.
The other executives who have been asked to step down while the inquiry gets underway are Tsholofelo Molefe (Finance Director), Dan Marokane (Group Capital) and Matshela Koko (Commercial and Technology).
One of the current non-executive board members, Zethembe Khoza, has been asked to assume the position of interim Chief Executive. Khoza will be supported by Nonkululeko Veleti (Finance), Abram Masango (Group Capital) and Edwin Mabelane (Commercial and Technology).
“All these senior executives have been with the organisation a long time and we are confident that they will maintain business continuity during this period,” added Tsotsi.
The independent enquiry will be conducted by external parties, who will be selected within the next week. They will be given unfettered rights of access to all information deemed necessary for this probe to be successful.
“To that end, we would like to assure our customers and employees that this was done in the best interest of all our stakeholders, and we hope to come out of this with a better grasp of all the challenges facing the business, and most importantly, with solutions,” Tsotsi said.