[miningmx.com] – GEOFFREY Qhena, CEO of the Industrial Development Corporation (IDC), has been given a third five-year contract, but his board has been shaken up with the appointment of three new directors, said BDLive.
One of the new appointments is Brian Molefe, CEO of Transnet, who will assist Qhena in a government-backed plan to mobilise at least R100bn in five years in an effort to stimulate the South African economy, the publication said. Both the IDC and Transnet are government-run institutions.
Ibrahim Patel, minister of Economic Development, said Molefe’s role on the IDC board would be to “… identify what the investment gaps and blockages are”. Molefe, who is leading some R310bn in freight and logistics investment at Transnet, said his company and the IDC had already been working closely together.
“Transnet and IDC already have a good relationship . I will just be independent and non-executive,” BDLive quoted Molefe to have said.
The other appointments are BP Southern Africa chairwoman and former Reserve Bank director Noluthando Orleyn, and Nomavuso Mnxasana, a non-executive director at Nedbank, the Land Bank and the JSE.
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