Eskom’s CEO Phakamani Hadebe who is credited with turning around the Land Bank, was a former economics professor at the University of KwaZulu-Natal and served as CEO of Barclays Africa Corporate and Investment Banking division has decided to step down from the power utility.

Eskom’s full statement below.

The Eskom Board announced today that Eskom Group Chief Executive Officer, Phakamani Hadebe will step down at the end of July 2019.

According to the Chairman of the Eskom Board, Mr. Jabu Mabuza, Phakamani has been instrumental in driving stability at Eskom during a very challenging period at the organisation. “We have learnt to depend on his resilience to drive the kind of transformation that South Africa expects of our organisation. Appreciating the toll that this takes on an individual, we have had to, with regret, accept his decision” said Mabuza.

“It is no secret that this role comes with unimaginable demands which have unfortunately had a negative impact on my health. In the best interests of Eskom and my family, I have therefore decided to step down, said Mr. Hadebe”

“It has been a privilege to serve South Africans as the Group Chief Executive (GCE) of Eskom,” said Mr. Hadebe. “I am humbled and grateful to have contributed towards the stability for an organisation that is critical for our economy. I am particularly grateful to the Board, the EXCO, and all our employees for their resilience and support during this journey.”

The Eskom Board is grateful to Phakamani for his commitment to ensuring leadership stability as a critical factor in the successful implementation of our strategy to deliver on both our commercial and developmental mandate and as such will be engaging with him over the coming two weeks to ensure continuity and a steady transition. “On behalf of myself and the Board, I would like to extend my sincere gratitude to Mr Hadebe for his contribution to Eskom’s transition journey. The dedication and passion with which he has taken to fulfilling such a critical mandate is commendable” Mr Mabuza concluded.