Statement by Malusi Gigaba, Minister of Public Enterprises, February 16 2011:
Announcement of Transnet Group Chief Executive
It gives me great pleasure to announce that Cabinet today approved the appointment of Mr Brian Molefe as Group Chief Executive of Transnet, and as an ex officio member of the Transnet Board of Directors, with immediate effect. The appointment will be for a period of five years.
Transnet has been without a permanent Group Chief Executive for a considerable period, which is undesirable given its strategic importance to the South African economy. Mr Molefe's appointment strengthens the stability of the leadership of Transnet, and allows the company's primary focus to return to that of running a sustainable business, which provides economic benefit to our country, allowing us to achieve our objective of a Developmental State, in particular, the plans to expand capacity in our rail ports and pipelines infrastructure, to meet the demands of our growing economy.
Mr Molefe brings a wealth of expertise to the portfolio, and his understanding of capital markets and asset management will be invaluable as the company moves forward with its massive infrastructure investment programme.
I am of the firm view that Mr Molefe's appointment will ensure that Transnet's contribution to the New Growth Path is fully realised. The filling of critical vacancies within the Group also remains a priority for the incoming CEO. This supports President Zuma's directive for government and state owned entities to fill vacant posts within a period of six months.
Following the appointment of the Board in December, and now the Group Chief Executive, our goal as shareholder to restore leadership stability to Transnet has been realised.
I would like to thank Mr Mafika Mkwanazi for his role in ensuring that the Board, within a short time after assuming office, has been able to conclude the process of interviewing and shortlisting candidates for appointment.
Thank you.
Letter to staff from Transnet chairman, Mafika Mkwanazi, February 16 2011:
Appointment of the new GCE for Transnet
On behalf of the Board of Directors, the executive committee and all our colleagues at Transnet, I'd like to congratulate Mr Brian Molefe on his appointment as the Group Chief Executive of Transnet. I'd like to take this opportunity to express our full support for Mr Molefe. I am sure that I have your good wishes at heart as well. Mr Molefe comes with a wealth of leadership experience in both the public and corporate sectors and we could not have wished for a better candidate. He was previously Chief Executive of the Public Investment Corporation and has held executive management positions in the National Treasury.
I would also like to thank the board for their sterling work in ensuring that we met the shareholder's tight deadlines for the process. It was not an easy task. It is quite heartening to note the calibre of individuals - hugely talented men and women who are keen to serve their country in this capacity.
As you know, this position has been vacant for a very long period of time. This has never been ideal, but I am sure we'll all agree that the former acting GCE, Mr Chris Wells, who had been tasked with the job, performed exceptionally well. It is now up to Mr Molefe to take this organisation to greater heights and fulfill - and hopefully exceed - the mandate of our sole shareholder.
As you are aware, I joined Transnet as a non-executive chairman in December last year. The Board then asked me to assume executive responsibilities whilst we were finalising this process. Now that it is done, I am going to begin the handover to Mr Molefe as soon as he assumes the role. Thereafter, I will revert back to my non-executive role.
Thank you also to all of you for being so patient and supportive during this process. It has been very heartening.
Let's give Mr Molefe our full support!
Issued by Government Communications and Transnet respectively, February 16 2011
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