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CAPE TOWN, 22 June 2016 – PetroSA, South Africa’s National Oil Company, today  announced the voluntary departure of Acting Group Chief Executive Officer (GCEO), Ms Mapula Modipa, and the appointment of Mr Siphamandla Mthethwa, as acting chief executive.
Ms Modipa’s last day with PetroSA is June 30. She is departing due to personal reasons. Ms Modipa was appointed caretaker GCEO in May 2015. Under Ms Modipa’s leadership the company has made great strides in addressing a disappointing performance in the 2014/15 financial year. Despite severe challenges posed the low crude oil prices, a deteriorating  exchange rate and the lacklustre global economic growth, PetroSA is stabilising and continues to be a going concern. 
The Board wishes to stress that despite the departure of the Acting GCEO, the company is well resourced to implement the Turnaround Plan initiated by Ms Modipa and her Executive Team to ensure that the PetroSA business is one predicated on sustainability and the ability to contribute positively to the national objectives of the country.
The PetroSA Board of Directors wishes to thank Ms Modipa for her invaluable contribution to the company. We wish her well in future endeavours.
Mr Mthethwa will replace Ms Modipa in an acting capacity. He is the Group Chief Financial Officer of PetroSA shareholder company, the Central Energy Fund (CEF). During his tenure as Acting GCEO, Mr Mthethwa’s mandate is to ensure that PetroSA fortifies efforts towards the implementation of the Turnaround Plan.
He joins PetroSA on July 1. He will remain in the position until the announcement of a permanent GCEO. The Board wishes Mr Mthethwa all of the best in his new role. We will ensure that he has all the support and resources he needs to achieve success.    
For more information, please contact:
Thabo Mabaso
Group Communications Manager
Cell: +27-83-414-8144
Tel: +27-21-929-3365