INDUSTRIAL DEVELOPMENT CORPORATION OF SOUTH AFRICA LIMITED - IDC Board Announces The Appointment Of Mr Tshokolo Nchocho As Its New Chief Executive Officer

IDC Board Announces The Appointment Of Mr Tshokolo Nchocho As Its New Chief Executive Officer

Industrial Development Corporation of South Africa Limited
(Incorporated in the Republic of South Africa)
(Registration No. 1940/014201/06)
Issuer code: IN02
(“IDC”)


IDC BOARD ANNOUNCES THE APPOINTMENT OF MR TSHOKOLO NCHOCHO AS ITS 
NEW CHIEF EXECUTIVE OFFICER


The Board of the Industrial Development Corporation is pleased to announce that the
Cabinet, at its meeting of 5 December 2018, approved the recommendation of the
Board of the IDC to appoint Mr Tshokolo Nchocho as the CEO of the Industrial
Development Corporation


Mr Tshokolo Nchocho has both academic qualifications and extensive experience in
development finance and banking. He holds a B Com from the University of the North,
a Master of Business Leadership from UNISA and a Masters degree in Development
Finance from the University of London; and an Advanced Management Programme
from the Harvard Business School. His experience in development finance and
banking stretches over a 28-year period, including a lengthy period at the
Development Bank of Southern Africa and as the CEO of the Land Bank.


The Board is finalising Mr Nchocho’s commencement date at the IDC and an
announcement in this regard will be made shortly.


The current CEO, Mr Geoffrey Qhena, has served for almost 20 years as an official of
the IDC, of which 13 years has been as CEO of the Corporation. His term of office
ends on 31 December 2018 following his decision to step down, announced in August
this year. Under his watch, investment in green energy has increased significantly and
the IDC introduced its black industrialists programme. Cabinet notes the progress
made in the past five years, where IDC investment commitments totalled R72 billion,
an increase of 30% compared to the previous corresponding period. These
investments in turn attracted a large level of private sector investments, bringing the
investment level to R176 billion and creating or saving 105 822 direct jobs. Cabinet
extended its appreciation to Mr Qhena and wished him well in his future endeavours.


Johannesburg
6 December 2018


Debt Sponsor:
The Standard Bank of South Africa Limited

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