Ricochet News

Gigaba confirms Myeni axing and appointment of new SAA board

Oct 19, 2017
Gigaba confirms Myeni axing and appointment of new SAA board

Finance Minister, Malusi Gigaba, on Thursday officially confirmed the appointment of six new members to the Board of South African Airways (SAA), as well as the full slate of non-executive board members at the airline, which have been approved by the Cabinet.

"Joining the Board is Mr. Johannes Bhekumuzi Magwaza as the new Chairperson, and Ms. Nolitha Fakude as the Deputy Chairperson and non-executive director," said National Treasury in a statement.

"New Board members who will serve as non-executive directors are: Mr. Geoff Rothschild, Mr. Ahmed Bassa, Ms. Tinyiko Mhlari, and Mr. Martin Kingston. Current non-executive directors who will continue to serve on the Board are: Ms. Bajabulile Swazi Tshabalala, Mr. Peter Tshisevhe, Ms. Thandeka Nozipho Mogoduso, Mr. Peter Holmes Maluleka, and Mr. Akhter Hoosen Moosa."

It confirmed the axing of former chairperson, Ms. Dudu Miyeni, as well as other Board members - Ms. Tryphosa Ramano, Mr. Mzimkulu Malunga, Mr. Siphile Buthelezi, Ms. Nazmeera Moola, and Ms Gugu Sepamla.

"The changes will be with effective from 3 November 2017, when the Minister will have a special meeting with the new Board.

"The new Board brings talent, expertise and energy to the airline, and they are all highly regarded individuals with a vast and in-depth knowledge of business in both the private and public sectors," the Treasury said.

"The Minister would like to thank all outgoing Board members for their work at the airline, wish incoming members well with their tenure at the airline. The Minister hopes that the new Board, together with the incoming Chief Executive Officer, Vuyani Jarana, will implement the airline’s structural strategy and bring it to financial stability, as set out in his 14 Confidence Boosting Measures."

It added that the new Board is well-experienced and diverse, and the Minister encourages them to ignore the political noise, and focus on the business of strengthening SAA.

"At the heart of these appointments, is a commitment from the South African Government to strengthen the airline, and create conditions to see the transformation of all our state-owned companies.

"All Board members, incoming and those who will no longer serve, have been notified of these developments," the Treasury said.

The major shake-up comes just after government gave the struggling airline a R3 billion bailout - this year alone, SAA has received a total of R5.2 billion in bailouts.

Myeni was first appointed to the South African Airways SOC Limited board in 2009 while serving as the Executive Chairperson of the Jacob G Zuma Foundation since September 2008. She became chairperson of the board in 2012 and despite her controversial tenure, she was reappointed as board chair in September 2016 for a nonrenewable, one-year term.

Many thought she would stay on beyond 2018.