BREAKING: Gordhan Appoints New Denel Interim Board

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PRETORIA: Gordhan has announced the appointment of a new interim board for Denel after meeting with the state-owned defence company. 

Speaking in Irene, Public Enterprises Minister Pravin Gordhan said Denel had a “good reputation in the past [but] sadly that reputation has been lost”. 

“The changing of the board is the first step we are taking as governance,” he said. 

Monhla Hlahla, newly appointed Denel chairperson in Addis Ababa.  REUTERS/Tiksa Negeri 

Gordhan announced that the new chairperson of the board will be Monhla Hlahla, the former CEO of Acsa and a non-executive director of various South African companies. No members of the previous board were retained. 

Hlahla said the board would, in the next weeks, be immersed in trying to understand the financial health of the group and would start by scrutinising its 2016/2017 financial results.

The newly appointed board members 

The new board would also include: Zoli Kunene, Prof Tshilidzi Marwala, General Themba Matanzima, Gloria Serobe, Talib Sadik, Sue Rabkin, Dr Sibusiso Sibisi, Cheryl Carolus, Nonzukiso Siyotula, Thami Magazi and Martin Mnisi. 

The finance minister said that Denel “faces the threat of collapse unless far-reaching decisions are taken urgently”. 

The rotation of Denel’s board is the second major shake up at a state-owned enterprise after Eskom’s board was switched out in January