Transnet CEO, CFO resign
Transnet has confirmed the resignation of its CEO Portia Derby and its CFO Nonkululeko Dlamini
Derby joined the state-owned company in February 2020 while Dlamini joined in July.
Derby was appointed to clean up Transnet after corruption was unearthed by the State Capture Commission but could not turn the tide at the SOE.
The Commission revealed that money laundering, fraud, kickbacks, and corruption were the order of the day at Transnet.
In December last year, the Minerals Council South Africa called on the Transnet board to sack Derby, bemoaning the company's worsening operational performance's impact on the industry and the economy.
The Board has now appointed Michelle Phillips as acting CEO with effect from 1 November, and Hlengiwe Makhathini as the acting Group CFO.
"Both candidates were considered and recommended by the Board as suitable to step into these respective roles in an interim capacity,” says Transnet in a statement, adding that both Derby and Dlamini will be available to assist with the necessary handover processes as required.
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