PetroSA announces departure of suspended CEO
South African national oil company PetroSA has reached an agreement with CEO Nosizwe Nokwe-Macamo that will see her employment terminated, with effect from November 1, the company said in a statement on Friday.
Noting that the terms of the agreement were confidential, the company said the decision was “mutually acceptable and amicable”.
“PetroSA wishes Ms Nokwe-Macamo well in respect of any future endeavour,” it stated.
Nokwe-Macamo was, along with CFO Lindiwe Bakoro, placed on “precautionary suspension” earlier this year, pending an investigation into their alleged poor performance.
PetroSA posted a R15-billion loss for the 2014/15 financial year, owing to the dismal failure of Project Ikhwezi‚ which aimed to extend the life of its Mossgas gas-to-synthetic fuel refinery.
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