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Brian Molefe's quitting is understandable, Ngubane says
Molefe announced on Friday, 11 November, that he was leaving Eskom on January 1, 2017. This followed the release of former public protector Thuli Madonsela's State of Capture report, which painted Molefe in an unflattering light.
Eskom said it would announce the interim leadership arrangements "soon", once this was agreed upon with Public Enterprises Minister Lynne Brown.
The utility praised the work Molefe had done.
"Since joining Eskom in April 2015, Mr Molefe and his executive management team have turned around the company's operational and financial performance, with 15 months of no load shedding, the impact of which has been enjoyed by every South African citizen," Eskom said.
"The improved performance of the power generating units, coupled with additional capacity from some of our new build projects, has resulted in a stable power system, with excess capacity being exported to neighbouring states."
Eskom's liquidity position had also improved, with liquid assets increasing 81.6% from R24.1bn a year ago, to R43.8bn at September 30, 2016 in the face of consumer price inflation growth reported to be 5.1% as at April 1 2016, the parastatal said.
The Eskom Board thanked Molefe for his "relentless dedication to turning Eskom around, solidifying a capable executive team and putting it on a sound growth trajectory".
The resignation of Eskom CEO Brian Molefe is a step forward for cleaning up state institutions, the EFF said on Friday.
However, it called on the parastatal's board to follow his example and also resign to save Parliament of having to do it.
"Suffice to say, if they do not, EFF will make sure that parliament dissolves them as soon as possible," spokesman Mbuyiseni Ndlozi said.
The EFF accused Molefe of lying to Parliament when he was asked about his relationship with the Gupta family.
The Pan Africanist Congress of Azania praised Molefe for taking the decision to resign.
"We have been concerned [about] lack of leadership in our country but Mr Molefe contradicted our stance by showing a bold leadership which we would like to see in other institutions/departments for the sake of the country," the party said.
"A leader should not wait for the followers to remove them but they should voluntarily act by doing the right thing."
Asia-based banking group Nomura International said Molefe had no credibility left.
"Brian is the fallen angel for investors, coming out of Transnet as a hero and now implicated in alleged grand corruption and rent extraction by the [public protector] report," Nomura said.
"In a way it's sad, in a way it's not. He ultimately was successful because he could navigate the patronage realities of the ANC but it has caught up with him."
Source: BDpro
Source: I-Net Bridge
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