Former Chief Executive Officer(CEO) of Airports Company South Africa (ACSA) Monhla Hlala has been appointed as the new chairperson of the state-owned aerospace and defence technology company, Denel with immediate effect.
Minister of Public Enterprises Pravin Gordhan announced the appointment of a new interim board for cash-strapped arms manufacturer Denel.
Announcing the appointment of an interim board at the premises of the aerospace and defence technology company, Denel, in Tshwane, Minister Gordhan said the appointment of a new board is part of government’s ongoing efforts to stabilise state owned companies (SOCs).
“State owned companies cannot just simply borrow their way out of the difficulties they find themselves in.” said Pravin Gordhan.
The Minister said structural challenges within SOCs need to be addressed.
Denel is one of the six SOCs falling under the ambit of the Department of Public Enterprises, has in the past been financially stable. Between 2010 and 2016 the company which constitutes over 45% to the local defence industry experienced “phenomenal” growth with revenue growing from just over R3 billion to over R8 billion in 2016.
“In the recent past that reputation has regrettably been lost and much of the good work that we used to do certainly in terms of earning the trust of the South African people has fallen on difficult times,” said Minister Gordhan.
The all-new 12 member board is chaired by former Chief Executive Officer of Airports Company South Africa (ACSA) Monhla Hlala.
Other board members are:
- Zoli Kunene
- Prof Tshilidzi Marwala
- General TT Matanzima
- Gloria Serobe
- Talib Sadiq
- Sue Rabkin
- Dr Sibusiso Sibisi
- Cheryl Carolus
- Nonzukiso Siyotula
- Thami Magazi
- Martin Mnisi