The history of business is filled with executives coming to the fore during adversity. Think Steve Jobs taking back Apple Inc and turning it into a tech powerhouse, or Alan Mulally steering Ford Motor Co out of the late-2000s car-industry recession.<\/p>\n
Then there\u2019s South Africa, where an exodus of chief executive officers during an economic downturn is becoming alarming, particularly as there are apparently so few ready replacements.<\/p>\n
Since October, at least seven CEOs have departed from some of the country\u2019s most powerful institutions, and none have yet been permanently replaced.<\/p>\n
The following list may in part explain why business confidence in the country has fallen five months in the last six.<\/p>\n
South African Airways – Vuyani Jarana<\/strong><\/p>\n The former Vodacom Group Ltd executive\u2019s resignation last week came as a surprise, as he had been widely viewed as capable of steering the state airline through to a 2021 break-even target.<\/p>\n Jarana cited a lack of financial support from the government, making it impossible for him to be confident of a successful turnaround.<\/p>\n Eskom Holdings SOC Ltd – Phakamani Hadebe<\/strong><\/p>\n became the 10th CEO to quit the stricken state power utility in as many years, citing the \u201cunimaginable demands\u201d of what is arguably South Africa\u2019s toughest corporate job.<\/p>\n There are few obvious candidates to replace him at the electricity provider, which is saddled with $30 billion in debt and was responsible for nationwide blackouts earlier this year.<\/p>\n Old Mutual Ltd – Peter Moyo<\/strong><\/p>\n The 174-year-old insurer suspended Moyo two weeks ago over a conflict of interest involving his investment firm NMT Capital, despite knowing about the link when the 56-year-old was appointed.<\/p>\n In response, Moyo insisted he\u2019d done nothing wrong and demanded a full pay out. The terms of his suspension and departure are still being worked out.<\/p>\n Massmart Holdings Ltd – Guy Hayward<\/strong><\/p>\n The Walmart Inc-owned general goods retailer said its CEO will leave before the end of the year amid a torrid trading environment for retailers. The US parent named a Walmart veteran to take over, but Mitchell Slape can only come to South Africa when he has been granted a work permit.<\/p>\n Absa Group Ltd – Maria Ramos<\/strong><\/p>\n South Africa\u2019s third-largest bank said in January that Maria Ramos would retire following a split from former UK parent Barclays Bank Plc. Absa said a replacement should be announced by the Aug. 13 half-year results presentation.<\/p>\n South African Reserve Bank Deputy Governor Daniel Mminele is being considered, people familiar with the matter said in February.<\/p>\n Public Investment Corp – Daniel Matjila<\/strong><\/p>\n Africa\u2019s biggest fund manager and custodian of South African state-worker pension funds accepted Matjila\u2019s resignation in November following criticism of various investments.<\/p>\n The PIC is now the subject of an ongoing commission of inquiry, and has only had acting CEOs since. The whole board of directors offered to resign in February.<\/p>\n Transnet – Siyabonga Gama<\/strong><\/p>\n The state-owned ports and rail company dismissed its most recent full-time CEO in October after he became embroiled in corruption allegations surrounding the purchase of new locomotives.<\/p>\n The company is now on its second interim leader, and doesn\u2019t expect a permanent head to be appointed for four or five months, infrastructure-development head Gert de Beer said on Wednesday.<\/p>\n
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