Gordhan appoints Hanekom SAA interim board chair

Minister of Public Enterprises Pravin Gordhan has announced the appointment of former tourism minister Derek Hanekom as non-executive director and interim chair of beleaguered South African Airways (SAA) along with a new interim board on Monday.

Gordhan said in a statement that Professor John Lamola has been retained as an interim non-executive director and will serve as interim CEO.

The interim board is effective from 15 April and will serve until the introduction of the national carrier’s new strategic equity partner, the Takatso Consortium, which controversially purchased the airline for R51.

As part of the deal Takatso agreed to invest around R3 billion ($177 million) in the airline.

Read: SAA’s preferred bidder disappointed with airline’s further R1bn bailout

Interim board member appointments, highlighting their experience as follows:

• Derek Hanekom, interim non-executive director and chair. As a former minister of tourism, he has a deep understanding of the aviation industry’s crucial role in promoting travel and economic growth. His experience in fostering collaboration between government and private sectors will be invaluable in guiding SAA through its restructuring and revitalisation.
• Fathima Gany, interim non-executive director. As a finance professional registered with the South African Institute of Chartered Accountants (Saica), she has over 20 years of experience in finance leadership for global, multinational, and state-owned entities (SOEs] across Africa and the Middle East. Her broad scope of authority as a senior finance executive includes strategic, corporate and operational finance, accounting, treasury, taxation, contracts and procurement, as well as public finance.
• Fundi Sithebe, interim non-executive director. As the former chief operating officer of Airports Company South Africa, she has demonstrated the ability to lead organisational change and create value for stakeholders. Her expertise in implementing sustainable business models and fostering strategic partnerships will help drive SAA’s long-term success.
• Mahlubi Mazwi, interim non-executive director. With a strong background in finance and business strategy, he has helped companies optimise performance and create shareholder value. His ability to identify growth opportunities and implement data-driven strategies will be crucial in positioning SAA as a leading airline in the industry. His experience with mergers and acquisitions will provide valuable insights as SAA explores strategic partnerships and expansion opportunities.
• Advocate Johannes Weapond, interim non-executive director. His experience in corporate law and compliance has made him a sought-after legal advisor. Weapond’s expertise in dispute resolution and litigation will be invaluable in protecting SAA’s interests in potential legal conflicts.
• Professor John Lamola, interim non-executive director, while serving as interim CEO. His track record of driving growth and innovation in both academic and business environments showcases his strategic mindset and leadership capabilities. Lamola will play a crucial role in defining SAA’s strategic direction and positioning the airline for future success.
• Clarissa Appana, interim non-executive director. As a seasoned financial expert and chartered accountant, she has a track record of enhancing financial performance, driving cost efficiencies, and managing risk for various organisations. Her strategic financial planning and execution skills will help SAA regain financial stability and achieve sustainable growth. Her experience with corporate restructuring and turnarounds will provide valuable insights as SAA navigates its transformation journey.
• Dumisani Sangweni, interim non-executive director. As a skilled economist and strategist, he has been pivotal in shaping economic policy and driving growth for both public and private sector organisations. His understanding of global and regional economic trends will help SAA identify and capitalise on market opportunities. Sangweni’s ability to develop and implement data-driven strategies will contribute to SAA’s long-term success, while his knowledge of regulatory frameworks and stakeholder engagement will help maintain strong relationships with key partners.

Gordhan said the appointment of the interim board underscored the government’s “unwavering commitment to the success and stability of South African Airways”.

“Their exceptional experience and expertise will guide the airline toward a prosperous future in collaboration with the Takatso Consortium. We recognise the challenges SAA has faced in the past and the importance of learning from those experiences to ensure the airline’s future success.”

Read/listen: SAA: Takatso hits back over Novick resignation

Gordhan said that to support SAA in achieving its goals, the Department of Public Enterprises (DPE) had put in place “strategies and plans that align with the airline’s vision and objectives”.

Regulatory review

The primary focus areas of the interim board will encompass providing strategic leadership to the transitional management team and overseeing the integration of Takatso. The consortium is poised to acquire a 51% majority stake in SAA, with the transaction presently undergoing regulatory review.

The interim board will tackle key priorities, including implementing cost-saving measures, expanding route networks, elevating customer satisfaction, and expediting all requisite regulatory preparations to ensure a seamless transition as the Takatso Consortium assumes its role as the majority shareholder, the DPE said.

The DPE also said in its statement that it is reviewing the composition (of leadership) and skills in each of the SOEs under its mandate and that further announcements will be made “in due course”.

Read: Government concludes 51% stake disposal of SAA to Takatso

* Lyse Comins is Moneyweb’s deputy night editor.