IDC seeking new CEO as Tshokolo Nchocho is set to step down

The Industrial Development Corporation is searching for a new CEO following the expected departure of Tshokolo Nchocho.

The hunt comes after the state-owned development finance institution announced that Nchocho is set to step down as CEO and executive director on December 31, 2023.

In a statement to the media, the IDC said Nchocho joined the IDC in 2019, a year into his tenure as the CEO of the Corporation, the world was hit by the Covid-19 pandemic.

“In the context of the above, the board and Mr. Nchocho agreed that it would be in the best interests of both the IDC and the CEO to proceed with the process of identifying a successor to allow for a seamless transition. In the interim, Mr. Nchocho will remain at the helm of the corporation until a suitable candidate is appointed,” it said in a JSE Stock Exchange News announcement.

“In his role as the CEO, he pivoted the IDC from its strategic pathway to a transition plan to enable it to survive the turmoil brought about by the pandemic. The immediate priority was to strengthen its solvency and stabilise its liquidity, while still delivering on its development mandate.

“In 2021, Mr. Nchocho led the re-positioning of the organisation in the aftermath of the pandemic and put it back on track to deliver on its core mandate, and these efforts saw increased acceleration and focus in 2022 to drive the IDC’s developmental mandate and its financial sustainability.”

For the financial year ending March 31, 2022, the financial institution approved funding amounting to R16 billion in an economy that was substantially depressed due to the ravaging Covid-19 pandemic and its lingering impact.

For the IDC, chairperson Busi Mabuza extended the board’s gratitude to Nchocho for the value he has added to the organisation during his tenure as the CEO of the IDC.

“Mr Nchocho has helped the organisation to confidently navigate one of the most tumultuous periods in the economy where uncertainty was the order of the day,” said Mabuza.

“On behalf of the Board, I sincerely thank and extend our appreciation to him for the outstanding service he rendered to the IDC and the people of South Africa in general. “The IDC remains a strong, sustainable, and well-run organisation as a result of his commitment to service delivery. The Board would also like to thank the IDC’s Executive and Management teams for the support they accorded to him during his tenure at the helm of the organisation.”