SAA seeks new CEO after deal collapses
State-owned airline SAA is on the hunt for a new executive management team after the collapse of a deal that would have placed the majority of its ownership in private hands.
The airline has been led by an interim executive management team since 2022 after it exited business rescue in 2021. SAA said the new appointments were a bid to stabilise the airline.
On Monday it opened applications for a CEO, COO, chief human capital officer, SAA Technical CEO and Air Chefs CEO. It will consider external and internal applications.
“The interim executive management team has admirably rebuilt the airline as it emerged out of business rescue with the understanding that their posts would remain interim positions until a new controlling shareholder appoints its management team,” interim board chair Derek Hanekom said in a statement.
“All of them, including the interim CEO, Prof John Lamola, support the development as a necessary and natural step in strengthening SAA’s position in both local and international aviation markets. The filling of these posts is a positive and decisive step aimed at providing organisational stability and predictable direction of the growth plans and expansion plans currently being pursued,” he said.
The Takatso consortium, which was the preferred strategic equity partner, and the public enterprises department in March announced that the deal had collapsed, saying that in a post-Covid market a new valuation of the national carrier’s worth exceeded Takatso’s original R3bn offer. Negotiations on the new valuation had led to the parties deciding to part ways.
The collapsed deal has been scrutinised by parliament. Its public enterprise committee in March requested former National Assembly speaker Nosiviwe Mapisa-Nqakula to refer the now cancelled Takatso consortium’s purchase of a 51% stake in SAA to the Special Investigating Unit for further investigation “to ensure accountability and transparency”.
The proposed sale came to the attention of the committee as a result of a petition by dismissed director-general Kgathatso Tlhakudi, who alleged that SAA was grossly undervalued and the sale was irregular and manipulated by public enterprises minister Pravin Gordhan.
Gordhan has denied the allegation and defended himself, saying he did not commit corruption and neither he nor his family benefited financially from the deal.