Central Energy Fund fills CEO positions

STRATEGIC APPOINTMENTS: The Central Energy Fund has filled a number of key vacancies. The appointments were made at a turbulent time on the energy market, brought about by a slump in oil prices and fuel demand, coupled with global oversupply
STRATEGIC APPOINTMENTS: The Central Energy Fund has filled a number of key vacancies. The appointments were made at a turbulent time on the energy market, brought about by a slump in oil prices and fuel demand, coupled with global oversupply
Image: REUTERS

The Central Energy Fund (CEF) has filled all vacant CEO positions, marking the first time in six years that the state-owned company and its subsidiaries have had permanently appointed leaders.

The CEF announced on Monday that its board of directors had filled all vacant CEO positions, including those at the fund itself and its subsidiaries, the Strategic Fuel Fund, Petroleum Agency of SA and PetroSA, which have not had permanent CEOs since 2014.

The group said it has experienced a “turbulent period” in fulfilling its mandate over the years while a number of executives were in acting CEO roles.

This caused several strategic initiatives to be delayed, resulting in the CEF losing market share and experiencing revenue decline, it said.

The appointments were made at a turbulent time on the market, brought about by the slump in fuel demand coupled with global oversupply, the CEF’s group chair, Monde Mnyande, said.

The CEF said the appointments resulted from an intensified effort initiated by the group boards that were appointed by mineral resources and energy minister Gwede Mantashe in December 2019.

“As a national energy company, our response to this volatility must be to safeguard security of energy supply in the country in the long run,” Mnyande said.  

“I am pleased that the appointment of these executives are finalised at a time when the CEF group is embarking on a campaign to drive investments in the energy value chain geared to reignite the SA economy and create much-needed jobs.”

Mnyande said the appointments would also lay a solid foundation to address the challenges in the security of SA’s energy future to create shareholder value and address the challenge of unemployment, inequality and energy poverty.

Ishmael Poolo, an executive with 20 years’ experience in the energy sector, including at Eskom, has been appointed as CEF group CEO.

Pragasen Naidoo, a chemical engineer who served as the group chief operations and business development officer at the CEF, has been appointed as CEO at PetroSA.

Godfrey Moagi, an oil and gas executive with extensive experience in the industry who previously served as acting CEF group CEO, has been appointed as permanent CEO of the Strategic Fuel Fund, after acting in the position.

Phindile Masangane, who previously was responsible for clean, renewable and alternative energy projects at the CEF, has been appointed CEO of Pasa.

Zanele Sibisi has been appointed as COO at the African Exploration Mining Finance Corporation.

Before her appointment, she served as COO at Wescoal and held various senior leadership roles at South 32-South Africa Energy Coal. — BusinessLIVE

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