Transnet boss Portia Derby resigns

Transnet Group CEO Portia Derby has succumbed to pressure from several quarters and resigned from the embattled ports and rail state-owned group. She will leave at the end of October.

The second most high-ranking executive at the company, Group Chief Financial Officer (GCFO) Nonkululeko Dlamini is also exiting, but today is her last day, after she apparently resigned at the beginning of September.

Transnet made the announcement in a Sens statement on the JSE just after 5pm on Friday.

“Dlamini, who joined Transnet in July 2020, leaves on 29 September 2023, after serving her notice from 1 September 2023,” the group said.

Derby and Dlamini’s departure come after Transnet has faced increased pressure and calls from organised business bodies, including the Durban Chamber of Commerce and Industry and the Minerals Council of SA, to resign in the wake the group’s worsening operational and financial performance.

Derby became Transnet group CEO just before the Covid-19 pandemic hit, in February 2020. She also took the reins at a time when Transnet had to deal with state capture and corruption linked to its former executives.

Transnet said its broad has appointed Michelle Phillips, current Chief Executive of Transnet Pipelines, as acting
Group CEO with effect from 1 November 2023, while a recruitment process for a permanent CEO is underway.

It added that Hlengiwe Makhathini has been appointed to act as interim group CFO.

“Both candidates were considered and recommended by the board as suitable to step into these respective roles in an interim capacity. Both Derby and Dlamini will be available to assist with the necessary handover processes as required,” Transnet pointed out.

“The Transnet board of directors wishes to thank both executive directors for their contribution to the company, and wishes them great success in their future endeavours,” it noted in a brief Sens announcement.