South Africa: New CEO for PetroSA
Issue 327 - 08 Jul 2016
State oil firm PetroSA announced on 22 June that Mapula Modipa had resigned for personal reasons after a year as acting group chief executive. Siphamandla Mthethwa, currently group chief financial officer of PetroSA shareholder Central Energy Fund, will take over as acting chief executive until a permanent replacement is announced.Faced with extreme financial pressure following a record loss of R14.6bn for the 2014-15 financial year and the urgency of getting new gas into the system, PetroSA last year put its licence portfolio up for sale, appointing E&Y as divestment adviser.
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