South Africa revamped the board of the state-owned ports and rail operator, appointing a former mining executive as its new chairman as it seeks to improve inefficient infrastructure that major exporters say constrains business.
(Bloomberg) — South Africa revamped the board of the state-owned ports and rail operator, appointing a former mining executive as its new chairman as it seeks to improve inefficient infrastructure that major exporters say constrains business.
The government appointed Andile Sangqu, a former vice president of the Minerals Council South Africa and ex-executive head for Anglo American South Africa Ltd., as chairman of Transnet SOC Ltd., the Ministry of Public Enterprises said in a statement.
Among the eight other non-executive directors appointed are Engineering Council of South Africa President Refilwe Buthelezi and Lebogang Letsoalo, a global supply chain coach and chief executive officer of Sincpoint, the ministry said.
The Minerals Council, a lobby group representing most mining companies operating in the country, estimates South Africa’s poorly run ports and freight-rail lines may have cost the country 150 billion rand ($8 billion) in exports last year.
Read More: Port, Rail Failures Cost South Africa 150 Billion Rand
Chief Executive Officer Portia Derby, Chief Financial Officer Nonkululeko Dlamini and non-executive directors Popo Molefe and Sydney Mufamadi will retain their posts.
The “appointments will put Transnet on a firm strategic path that provides critical expertise, experience and acumen for Transnet to optimally and strategically execute on its roadmap,” Public Enterprises Minister Pravin Gordhan said.
President Cyril Ramaphosa in April directed the company to implement reforms to end the nation’s logistics crisis.
Read More: South Africa Weighs Measures to Improve Rail, Port Efficiency
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