Transnet CFO Joins CEO at Eskom to Tackle South Africa Power GapAna Monteiro
South Africa’s power utility recruited a second top executive from the country’s state-owned rail operator as Eskom Holdings SOC Ltd. struggles to plug a deficit in electricity supply.
Anoj Singh, chief financial officer of Transnet Holdings SOC Ltd., will take up the same position at Eskom for six months starting Aug. 1, the Johannesburg-based utility said Thursday in an e-mailed statement. He will oversee the utility’s 250 billion-rand ($20 billion) funding plan, it said.
Singh’s move comes after Transnet Chief Executive Officer Brian Molefe took charge of Eskom in April. Molefe’s planned three-month secondment has been extended until October, Eskom said on Wednesday. The utility, which supplies about 95 percent of power to Africa’s most industrialized economy, is rationing supply because its aging plants can’t meet demand after years of underinvestment.
Eskom’s chairman stepped down in March after losing the board’s support over a decision to suspend CEO Tshediso Matona and three other top managers, including the CFO, leaving it without permanent leadership.
With Singh as CFO, Transnet started a seven-year 336 billion-rand investment program, which includes acquiring 1,064 locomotives. Garry Pita will act as Transnet CFO in the interim, the rail operator said in an e-mailed statement.
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