​Off with Head: SAA gets new CFO

Embattled national carrier South African Airways (SAA) has appointed Deon Fredericks as its new interim chief financial officer (CFO) following the lapsing of Robert Head’s contract at the end of September.

Frederick’s appointment, on secondment from telecommunications company Telkom, will be effective October 15, according to a statement issued by the airline on Thursday. “We welcome the appointment of Mr. Fredericks to ensure that SAA’s strategic objective of transforming the business into a financially sustainable aviation group is achieved,” SAA chairperson JB Magwaza said.

READ MORE: Costly Head winds pummel SAA

“We would like to thank Bob for his contribution during a difficult time for the airline and wish him well in his future endeavours,” Magwaza added.

Fredericks is currently Telkom’s chief investment officer, and was previously CFO from September 2014 to July 2018.

“A Chartered Accountant, CA (SA), a CIMA-qualified Chartered Global Management Accountant with an honours degree in Accounting and Business Management, Mr. Fredericks has over 30 years’ experience working in blue-chip organisations,” the statement reads.

The company will, in the ensuing 12-month period, initiate and finalise the recruitment process for the appointment of its permanent CFO.

The Mail & Guardian previously reported Head’s appointment, in April following the suspension of former CFO Phumeza Nhantsi, was shrouded in controversy as one board member Thandeka Mgoduso questioned it saying it was not what the board had resolved.

His package — at a reported R900 000 a month — eclipsed that of chief executives and finance heads at Eskom and Transnet earned in the same period during the past financial year. Finance Minister Nhlanhla Nene asked the airline for an explanation of the package.

READ MORE: Broke SAA goes on spending spree

The airline is one of 11 government department and state-owned entities that did not meet parliament’s deadline for the submission of annual financial statements for the year ending in March 31 2018. Missing the deadline, which is six months after the end of the financial year, is normally an indicator of going concern issues.

In the financial year that ended in 2017, the airline recorded its sixth straight loss.

Sabelo Skiti

Sabelo Skiti is an investigative journalist.


Workers fight job-creation ‘mess’

Former Ekurhuleni workers argued in court that a programme promising to equip them with skills simply acted as a labour broker for the municipality

Court dissolves local municipality

Landmark judgment paves the way for South Africans to use legal system to hold councils responsible

Mabuza’s ‘distant relative’ scored big

Eskom’s woes are often because of boiler problems at its power plants. R50-billion has been set aside to fix them, but some of the contracts are going to questionable entities

ANC faction gunning for Gordhan

The ambush will take place at an NEC meeting about Eskom. But the real target is Cyril Ramaphosa

Press Releases

New-style star accretion bursts dazzle astronomers

Associate Professor James O Chibueze and Dr SP van den Heever are part of an international team of astronomers studying the G358-MM1 high-mass protostar.

2020 risk outlook: Use GRC to build resilience

GRC activities can be used profitably to develop an integrated risk picture and response, says ContinuitySA.

MTN voted best mobile network

An independent report found MTN to be the best mobile network in SA in the fourth quarter of 2019.

Is your tertiary institution is accredited?

Rosebank College is an educational brand of The Independent Institute of Education, which is registered with the Department of Higher Education and Training.

Is your tertiary institution accredited?

Rosebank College is an educational brand of The Independent Institute of Education, which is registered with the Department of Higher Education and Training.

VUT chancellor, Dr Xolani Mkhwanazi, dies

The university conferred the degree of Doctor of Science Honoris Causa on Dr Xolani Mkhwanazi for his outstanding leadership contributions to maths and science education development.

Innovate4AMR now in second year

SA's Team pill-Alert aims to tackle antimicrobial resistance by implementing their strategic intervention that ensures patients comply with treatment.

Medical students present solution in Geneva

Kapil Narain and Mohamed Hoosen Suleman were selected to present their strategic intervention to tackle antimicrobial resistance to an international panel of experts.