Business Maverick: SAA appoints acting CEO, lays out its funding needs

South African Airways went on a charm offensive on Friday, assuring the market that the bankrupt state-owned airline is stable, hours after it emerged that its outgoing CEO Vuyani Jarana is in a tug-of-war with the board over circumstances of his shocking resignation.

SAA looked internally to replace Jarana, as Ramasia is currently SAA’s general manager for operations and has been described by SAA board member Thandeka Mgoduso as a “professional with extensive background” as she brings more than 25 years of aviation experience. The Board of SAA wants to know how Vuyani Jarana’s resignation letter appeared in the public domain on Sunday, 2 June 2019. They suspect he leaked the letter.

However, Kingston says banks will only want to extend the payment duration of the loan if SAA can guarantee further financial support from the shareholder. This means that the airline wants more bailouts from the government and taxpayers. But there is little sign that the government wants to give SAA more money that will push up the tally of bailouts it has received since 1999 to more than R40-billion.

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BUSINESS MAVERICK/NEWS ANALYSIS: Gloves come off between SAA CEO and his boardThe relationship between the CEO of SAA, Vuyani Jarana and the board of the beleaguered airline appears to have irretrievably broken down, with the board investigating the CEO for a breach of confidence and he, in turn, threatening legal action. With the airline in a precarious position, this is probably not ideal. SAA still captured it seems
Source: dailymaverick - 🏆 3. / 84 Read more »

WATCH: SAA appoints Zuks Ramasia as acting CEO | IOL Business ReportThe South African Airways board and its executive management on Friday addressed the various issues facing the embattled airline. SAA does not have a A380 plane. Why is this pic being used.
Source: IOL - 🏆 46. / 51 Read more »

WATCH: SAA on a global search for new CEO | IOL Business ReportSouth African Airways (SAA) on Friday announced long-standing executive Zuks Ramasia as the interim group chief executive. The money stolen or misused must be recouped from the past CEO. South Africa can not afford to let wrong doers off the hook always. They must pay back the money now. I wonder what are the job requirements for the post because in South Africa it seems every Tom dick and harry can be CEO and run a big company e.g Hlaudi by the way where's he So local there is not one person Go to Cuba or China or Dubai I guess
Source: IOL - 🏆 46. / 51 Read more »