Transnet has announced it will not be renewing the contract of current CEO, Tau Morwe.
Morwe took over after the former chief executive, Siyabonga Gama, was fired over the board’s lack of trust and confidence in him.
The company has not revealed the reason for the decision.
It merely says that the stability of the organisation is the board’s key focus.
Morwe will be replaced by acting CFO Mohammed Mahomedy.
Mahomedy’s experience at Transnet spans more than 12 years.
Morwe had been at the helm of Transnet for six months.
Transnet is one of the state-owned entities which were looted during the state-capture project.
Since then the entity has taken steps to remove officials implicated in state capture and to retrieve money lost through dodgy deals.
Transnet is set to appear before the Zondo Commission of Inquiry next month.
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Source: eNCA
