Eskom’s bond investors must brace themselves to deal with new faces in the executive team. Again. A month after losing its 12th chief executive officer in 12 years, Eskom will bid farewell to yet another senior executive at the end of August. André Pillay has resigned as group treasurer after almost three years in the position, the utility confirmed in a media statement on Monday 15 July 2019.
Out the revolving executive door at the Megawatt Park headquarters, Pillay’s departure follows close in the footsteps of Phakamani Hadebe, the utility’s 12th CEO since 2007, who will be leaving at the end of July 2019. The rumours of Pillay’s impending departure have been rife for more than a month and were confirmed aftersent the utility a list of questions on Sunday. Hadebe resigned for personal and health reasons after less than two years on the job.
With close on R500-billion in outstanding debt, Eskom’s is the single biggest treasury in the country, second only to that of National Treasury, where Pillay once worked. He joined the utility eight years ago.We are cognisant of how critical the group treasurer role is for Eskom and have requested that André remain in the position for the next two months to ensure a seamless transition and business continuity through the handover process.
With the departure of both Hadebe and Pillay, Eskom has lost key talent as both are specialists in the fixed income debt category. Asked for reasons for his departure, Pillay said he had been offered a job elsewhere.Markets have somewhat glossed over the resignation of André Pillay, given the current risk on mood.
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