STATEMENT FROM INTERIM BOARD CHAIRMAN ON MANAGEMENT CHANGES AT PetroSA
FROM INTERIM BOARD CHAIRMAN ON MANAGEMENT CHANGES AT PetroSA
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
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.
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.
Board of Directors wishes to thank Ms Modipa for her invaluable contribution to
the company. We wish her well in future endeavours.
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.
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
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