Business / Companies
Eskom chief executive resigns
05 Dec 2013 at 18:56hrs | Views
CAPE TOWN - South Africa's electricity provider Eskom announced the resignation of its chief executive yesterday, the latest blow to the state-backed firm as it battles to prevent widespread power cuts.
Eskom announced that Brian Dames will step down for personal reasons from the end of March 2014.
"This time frame allows for a planned succession process," the firm said in a statement.
Dames has served as group chief executive since 1 July 2010, a difficult time that has seen the company struggle to keep the lights on.
The firm supplies about 95 percent of the country's electricity, but painstaking efforts to increase capacity have been hobbled by underinvestment, missed deadlines, tight budgets and a maintenance backlog.
Dames took over in the wake of enforced blackouts in 2008 that cost the country billions of dollars and contributed to a credit ratings downgrade, a sell-off in the rand and an outflow of investme-nt.
The firm recently asked industrial customers to cut electricity usage by at least 10 percent amid an "emergency" caused by the loss of generating units.
Analysts have warned that further power cuts are likely.
Eskom announced that Brian Dames will step down for personal reasons from the end of March 2014.
"This time frame allows for a planned succession process," the firm said in a statement.
Dames has served as group chief executive since 1 July 2010, a difficult time that has seen the company struggle to keep the lights on.
The firm supplies about 95 percent of the country's electricity, but painstaking efforts to increase capacity have been hobbled by underinvestment, missed deadlines, tight budgets and a maintenance backlog.
Dames took over in the wake of enforced blackouts in 2008 that cost the country billions of dollars and contributed to a credit ratings downgrade, a sell-off in the rand and an outflow of investme-nt.
The firm recently asked industrial customers to cut electricity usage by at least 10 percent amid an "emergency" caused by the loss of generating units.
Analysts have warned that further power cuts are likely.
Source - AFP
