Having not had permanent CEOs since 2014, the Central Energy Fund (CEF) has now filled the position of group CEO, as well as all vacant CEO positions at its group companies, in particular at the Strategic Fuel Fund (SFF), the Petroleum Agency of South Africa (Pasa) and national oil company PetroSA.
The CEF reports that, from 2014 to now, a number of executives were in acting CEO roles, resulting in the group experiencing a “turbulent period in fulfilling its mandate”.
It notes that, as a result, a number of strategic initiatives had been delayed, resulting in the group losing market share and its revenue declining.
Dr Ishmael Poolo has been appointed CEF group CEO. Prior to this, he had served as South African Robotics Club executive chairperson, Centlec CEO and business development executive, City of Cape Town services and infrastructure director and Eskom regional integration manager and property maintenance and asset management manager.
The CEF says Poolo has over 20 years’ experience in the energy sector.
Meanwhile, former CEF COO and business development officer Pragasen Naidoo has been appointed PetroSA CEO.
The SFF’s new CEO is Godfrey Moagi. Prior to this, he served as the acting CEF group CEO and board member, acting SFF CEO and African Exploration Mining and Finance Corporation (AEMFC) chairperson.
Pasa’s new CEO is Dr Phindile Masangane. Prior to this, she was responsible for clean, renewable and alternative energy projects at the CEF.
Meanwhile, former Wescoal COO Zanele Sibisi has been appointed COO of AEMFC.
CEF chairperson Dr Monde Mnyande says that following the appointment of the new group boards by Mineral Resources and Energy Minister Gwede Mantashe in December 2019, there was a concerted effort to "fast-track a process to fill all vacant CEO positions across the group to bring stability and certainty to ensure that the country is ready to achieve a ‘just and fair’ energy transition.”
He says the CEO appointments have been finalised at a time when the CEF group is embarking on a campaign to drive investments in the energy value chain, which is geared to “reignite the South African economy and create much-needed jobs”.
Mnyande emphasises that the appointments will also “lay a solid foundation” to address the challenges that lie ahead in securiing South Africa’s energy future, which will create shareholder value and address unemployment, inequality and energy poverty in South Africa.