Khula chairperson Nomonde Mapetla revealed that the entity had been in discussions over the appointment of a new MD since 2002, to ensure that the transition of new management would be smooth.
“Previous MD Sizwe Tati started Khula from scratch and, as a result, the entity needed a credible successor that could take Khula into the future.
Xola Sithole had the qualities we were looking for,” she affirmed.
She stated that the new MD had to have an experience, passion and knowledge in development finance and the small business sector.
There were reportedly 185 hopefuls for the position.
Sithole, up until signing a five-year contract with Khula, worked at the government-funded Industrial Development Corporation (IDC) for nine years.
Mapetla claimed that he was involved with the IDC’s business unit.
“The small business sector is my passion, as I believe that it has the ability to sustain and grow economic empowerment,” said Sithole.
His priorities included helping to decrease the high unemployment rate, boosting the level of economic growth and pushing back the frontiers of poverty.
Shareholder representative, Lionel October, who is a deputy director-general at the DTI and was also present at the function, said, “The new South Africa is upon us: it is now possible to appointment a new black professional with nine years of experience behind him. I believe that Sithole will take Khula places”.
October confirmed that Tati is still active in the black economic empowerment and finance development fields, doing a lot of work involved with implementation of the Mining Charter, as well as doing consultantcy work for the DTI.