Long-serving Qhena to step down as IDC CEO on Dec 31

31st August 2018

By: Marleny Arnoldi

Deputy Editor Online

     

Font size: - +

The Industrial Development Corporation (IDC) has started the search for a new CEO, following Geoffrey Qhena’s resignation.

Qhena has agreed to stay on until December 31, to ensure a smooth transition.

With a 13-year period at the helm, Qhena is the longest serving CEO of the IDC since the advent of democracy. He has helped to position the IDC into one of the leading development finance institutions in the country and the rest of Africa.

During his tenure, the IDC’s asset base grew from R31-billion in 2004, to R137-billion this year.

The last five years have seen the highest levels of funding by the IDC in any five-year period over the last two decades, creating and saving about 367 000 direct jobs since 2005, as a result of funding provided to South African projects.

IDC chairperson Busisiwe Mabuza wished Qhena well and said the IDC is a strong, sustainable and well-run organisation as a result of his commitment and ethical leadership.

Economic Development Minister Ebrahim Patel said in a statement that hundreds of enterprises in the country have been supported by the IDC under Qhena’s watch.

“During his period at the helm, the IDC made a significant shift in its mandate, to focus on the development of black industrialists and youth entrepreneurs. He leaves the IDC in sound financial health.

“I am most appreciative for his efforts,” Patel added.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

The functionality you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION