Andre de Ruyter, the new CEO of embattled state power utility Eskom, has experience trying to turn around struggling companies.
While none of his track record includes positions at an electricity provider or roles that answer to government ministers, De Ruyter worked on a 2017 report on how to reduce unemployment in SA — including a proposal to separate Eskom units such as the transmission business. That has now been adopted and is in current rescue plans for the company.
Yet the task of leading Eskom will be far greater than writing an analysis on how to fix the company. The utility is languishing under R450bn of debt, is estimated to be about 66% overstaffed, and is struggling to keep the lights on. De Ruyter also needs support from the government, fellow management, workers and creditors, according to Martin Kingston, executive chair of Rothschild & Co’s SA unit, who has known and worked with the new CEO because he was at Sasol.
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Eskom’s Andre de Ruyter no stranger to struggling companiesNew CEO understands the power utility, says Manufacturing Circle director
Source: BDliveSA - 🏆 12. / 63 Read more »