U.S. Markets closed

Applications Open for South Africa’s Most Challenging CEO Job

Paul Burkhardt
1 / 2

Applications Open for South Africa’s Most Challenging CEO Job

(Bloomberg) -- Eskom Holdings SOC Ltd., the monolithic state-owned South African power utility that’s grappling with an unsustainable debt load and chronic operational problems, has advertised for a new chief executive officer two months after Phakamani Hadebe announced he’d vacate the post.The job is probably one of South Africa’s most challenging -- it entails overseeing a company that supplies about 95% of the nation’s electricity, has more than 47,600 employees and revenue of 190 billion rand ($13.6 billion) yet isn’t selling enough power to cover its costs. Hadebe said he would quit at the end of this month because the role comes with “unimaginable demands” that have taken a toll on his health.The new CEO is required to have experience overseeing “significant change in a complex organization with at least 20,000 employees and an annual turnover in excess of 30 billion rand,” Eskom said in its advertisement. He or she will also play a leading role in restructuring the utility, including implementing plans to split it into generation, distribution and transmission units under a state holding company.“A competitive executive-level package will be tailored to attract the right caliber candidate, subject to approved remuneration and incentive guidelines,” Eskom said.Other requirements include a university degree, ideally at a post-graduate level, 20 years work experience and strong commercial acumen, while experience and expertise in the engineering, construction and energy fields will be an advantage. Applications close on Aug. 2.To contact the reporter on this story: Paul Burkhardt in Johannesburg at pburkhardt@bloomberg.netTo contact the editors responsible for this story: James Herron at jherron9@bloomberg.net, Mike Cohen, Alastair ReedFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

(Bloomberg) -- Eskom Holdings SOC Ltd., the monolithic state-owned South African power utility that’s grappling with an unsustainable debt load and chronic operational problems, has advertised for a new chief executive officer two months after Phakamani Hadebe announced he’d vacate the post.

The job is probably one of South Africa’s most challenging -- it entails overseeing a company that supplies about 95% of the nation’s electricity, has more than 47,600 employees and revenue of 190 billion rand ($13.6 billion) yet isn’t selling enough power to cover its costs. Hadebe said he would quit at the end of this month because the role comes with “unimaginable demands” that have taken a toll on his health.

The new CEO is required to have experience overseeing “significant change in a complex organization with at least 20,000 employees and an annual turnover in excess of 30 billion rand,” Eskom said in its advertisement. He or she will also play a leading role in restructuring the utility, including implementing plans to split it into generation, distribution and transmission units under a state holding company.

“A competitive executive-level package will be tailored to attract the right caliber candidate, subject to approved remuneration and incentive guidelines,” Eskom said.

Other requirements include a university degree, ideally at a post-graduate level, 20 years work experience and strong commercial acumen, while experience and expertise in the engineering, construction and energy fields will be an advantage. Applications close on Aug. 2.

To contact the reporter on this story: Paul Burkhardt in Johannesburg at pburkhardt@bloomberg.net

To contact the editors responsible for this story: James Herron at jherron9@bloomberg.net, Mike Cohen, Alastair Reed

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.