IDC CEO Geoffrey Qhena
Photo by: Dylan Slater
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.