South African Airways (SAA) has appointed Phumeza Nhantsi as interim CFO, following Wolf Meyer’s resignation.
Nhantsi was seconded from accounting firm SizweNtsalubaGobodo where she served as director. She also served as lead engagement partner to Denel and within the Denel Group, and was responsible for the signing of the Denel Group, Denel Aviation, Denel Aero Structures, and Denel Land Systems.
“We welcome Phumeza to the SAA family. She has extensive experience in the financial services arena and, specifically, one of her key clients is Denel, which is where she gathered institutional knowledge in the aviation space,” SAA acting CEO Musa Zwane said on Monday.
Besides serving as a member of the policy committee and a member of the remuneration committee at SizweNtsalubaGobodo, Nhantsi also had more than ten years’ experience in the aviation industry.
SAA’s financial losses had widened to R4.7-billion in the last financial year and it was confirmed earlier this month that SAA had made a further loss of R648-million in the first six months of the current financial year.
It was seeking further guarantees from government to the tune of R5-billion so it could finalise its 2014/15 financial statements. This followed National Treasury granting SAA a guarantee of R6.5-billion in December 2014, media reports stated this weekend.