On April 15th, the South African Government announced the appointment of an interim board for South African Airways (SAA), led by former tourism minister, Derek Hanekom. This comes after the controversial sale of SAA to the Takatso Consortium, which agreed to invest R3 billion ($177 million) in the airline. The interim board will serve until the new strategic equity partner takes over and will focus on implementing cost-saving measures, expanding route networks, elevating customer satisfaction, and expediting all requisite regulatory preparations to ensure a seamless transition.
The appointment of an interim board for SAA is a critical step in the airline’s restructuring and revitalization. The airline has been beset with financial difficulties for years, and it has not operated a commercial flight since September 2020. The Takatso Consortium’s purchase of SAA has been fraught with controversy, with questions raised about the consortium’s lack of aviation experience and its relationship with the South African government. The appointment of an interim board, led by Hanekom, who understands the importance of the aviation industry in promoting travel and economic growth, is a positive development.
The interim board is made up of experienced professionals from a variety of fields such as finance, law, and economics. Fathima Gany, an interim non-executive director, is a finance professional registered with the South African Institute of Chartered Accountants (Saica) with over 20 years of finance leadership experience for global, multinational, and state-owned entities (SOEs) across Africa and the Middle East. Fundi Sithebe, a former chief operating officer of Airports Company South Africa, is another interim non-executive director who has demonstrated the ability to lead organisational change and create value for stakeholders. Mahlubi Mazwi is an interim non-executive director with a strong background in finance and business strategy who has assisted companies in optimising performance and creating shareholder value.
Interim non-executive director Advocate Johannes Weapond has experience in corporate law and compliance and will be invaluable in protecting SAA’s interests in potential legal conflicts. Professor John Lamola, an interim non-executive director, will serve as interim CEO, defining SAA’s strategic direction and positioning the airline for future success. Clarissa Appana, an interim non-executive director, is a seasoned financial expert and chartered accountant with a proven track record of improving financial performance, driving cost efficiencies, and risk management for a variety of organisations. Dumisani Sangweni, an interim non-executive director, is an experienced economist and strategist who has shaped economic policy and driven growth for both public and private sector organisations.
The appointment of an interim board demonstrates the government’s “unwavering commitment to South African Airways’ success and stability.” The exceptional experience and expertise of the new board will guide the airline to a prosperous future in collaboration with the Takatso Consortium. The success of the airline’s restructuring and revitalization, however, will be determined by how well the interim board works with the Takatso Consortium, which has been chastised for its lack of aviation experience and its relationship with the South African government.
The interim board’s primary responsibilities will include providing strategic leadership to the transitional management team and overseeing Takatso’s integration. To assist SAA in meeting its objectives, the DPE has implemented “strategies and plans that align with the airline’s vision and objectives.” The interim board will focus on key priorities such as cost-cutting measures, expanding route networks, increasing customer satisfaction, and expediting all necessary regulatory preparations to ensure a smooth transition as the Takatso Consortium assumes the majority shareholder role.
