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Dudu Myeni axed from SAA board

South African Airways plane. Picture: Supplied.

South African Airways plane. Picture: Supplied.

Finance Minister Malusi Gigaba has confirmed that controversial South African Airways (SAA) chairwoman Dudu Myeni has been replaced along with six other board members.

In a statement released on Thursday Gigaba said Johannes Bhekumuzi Magwaza would be replacing Myeni and he would be joined by Nolitha Fakude as deputy chairperson, Ahmed Bassa, Tinyiko Mhlari, Martin Kingston and Geoff Rothschild.

The minister did not give a reason for government’s decision to let go of the whole board however he did add that the new board brings “in-depth knowledge of business in both the private and public sectors” according to a report by Reuters.

Magwaza’s appointment comes hot on the heels of the Public Investment Corporation’s (PIC) announcement that it has not yet ruled out investing in SAA.

The corporation which manages South African government employee retirement funds has been in the spotlight recently after media reports that the finance ministry requested money from the pension fund to bail out struggling state firms Reuters reported.

Gigaba said in September South Africa was not planning to raid the government pension fund to bail out struggling state firms.

Financial woes

The national carrier made headlines earlier this month when the government granted the embattled airline a R3 billion bailout to allow it to meet its debt obligations.

Last month the airline also announced that it would be reducing its flights by 23%, by the end of the year as part of a revamp aimed at getting the national carrier out of the red.

 

 

 

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