The Eskom board announced in a statement on Sunday that it remains committed to the “challenging task of restoring” the power utility, following the appointment of Prof Malegapuru Makgoba as its interim chair.
Following the first meeting under the leadership of the newly appointed Interim Chairman, Professor Malegapuru Makgoba, the Board of Eskom said it remains committed to the execution of the company’s turnaround plan.
“Good corporate governance dictates that the Lead Independent Director, Professor Makgoba, steps in as Chairman pro tem. This has been done and an appointment letter was issued by the Shareholder earlier last week.
“The Board looks forward to continue the challenging task of restoring Eskom back to sustainability under the interim leadership of Professor Makgoba and with the continued support of our Shareholder,” the statement reads.
Makgoba said: “We welcome the announcement by His Excellency, President Cyril Ramaphosa last weekend, that the Board would be strengthened and capacitated in line with the commitment made by the shareholder ministry late last year. The Board fully supports the need for this to be done as a matter of urgency to enable us to fulfil our mandate.”
Makgoba expressed the board’s gratitude to the former chairperson, Jabu Mabuza for his leadership over the past two years, saying he has made an exceptional contribution to Eskom and South Africa during his tenure, which was characterized by his firm commitment to bring stability to our company while restoring good governance at a very difficult time.
Makgoba said: “His leadership was exemplary, displaying consistent values of honour and integrity which have been extremely valuable to Eskom.
“We would also like to express our confidence in our newly appointed Group Chief Executive, André de Ruyter, as he embarks on the mammoth task of stabilising, leading and transforming the utility. He and the Board will shortly be deliberating on our action and implementation plans to address the challenges and issues facing Eskom, we have made the diagnosis and now is the time for treatment, no matter how radical, how bitter or how uncomfortable to be administered going forward.”