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Eskom's Hadebe Steps Down as CEO of S. African Power Ut...

South Africa

Newsdeck

Eskom’s Hadebe Steps Down as CEO of S. African Power Utility

Eskom CEO Phakamani Hadebe addresses journalists during a press conference at the utility’s Sunninghill offices on November 16, 2018 in Johannesburg, South Africa. (Photo by Gallo Images / Business Day / Alaister Russell)
By Bloomberg
24 May 2019 0

Phakamani Hadebe will step down as chief executive officer of the heavily indebted South African state power utility at the end of July, deepening a crisis that Goldman Sachs has described as the biggest threat to the country’s economy.

Phakamani Hadebe is leaving due to health reasons, the Johannesburg-based company said in a statement published on Twitter. “It is no secret that this role comes with unimaginable demands which have unfortunately had a negative impact on my health,” Hadebe said in the statement.

Eskom is groaning under almost 500 billion rand ($34.7 billion) of bond and loan debt, according to data compiled by Bloomberg, and isn’t selling enough electricity to cover its operating and borrowing costs.

President Cyril Ramaphosa insists that Eskom is “too big to fail” and the government has already given the company a three-year 69 billion rand bailout. With the nation’s finances stretched to the limit, the Treasury has limited scope to continue bailing the company out. DM

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