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Eskom CEO Brian Molefe voluntarily steps down
ESKOM HOLDINGS SOC LTD
JSE CODE: BIESKM
MEDIA STATEMENT
14 November 2016
Eskom GCE Brian Molefe voluntarily steps down
Friday, 11 November 2016: It is with a great sense of loss and regret that the Board of Eskom
announces a decision by Eskom Group Chief Executive Brian Molefe to step down in the interest of
good corporate governance.
In an effort to clear his name following the release of former Public Protector Thuli Madonsela’s
report on her “observations” about the so-called state capture, Mr Molefe has decided to voluntarily
step down to reflect and take time off.
Eskom Chairperson Baldwin Ngubane said the decision taken by Mr Molefe was regrettable but
understandable.
Since joining Eskom in April 2015, Mr Molefe and his executive management team have turned
around the company’s operational and financial performance, with 15 months of no load shedding,
the impact of which has been enjoyed by every South African citizen.
The improved performance of the power generating units coupled with additional capacity from
some of our new build projects has resulted in a stable power system, with excess capacity being
exported to neighbouring states.
The company’s liquidity position has also improved significantly, with liquid assets increasing by
81.6% from R24.1 billion a year ago, to R43.8 billion at 30 September 2016 in the face of CPI growth
reported to be 5.1% as at 1 April 2016. The group has access to adequate resources and facilities to
continue as a going concern for the foreseeable future.
The Eskom Board sincerely thanks Brian Molefe for his relentless dedication to turning Eskom
around, solidifying a capable executive team and putting it on a sound growth trajectory.
Eskom will soon be announcing the interim leadership arrangements once agreed with our
Shareholder Representative, the Honourable Minister Lynne Brown.
Issued by: Eskom Media Desk
Tel: +27 11 800 3304/3343
Cell: +27 82 805 7278
Fax: 086 664 7699
Email: mediadesk@eskom.co.za
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