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- Transnet board member and former chairperson Popo Molefe has resigned.
- The announcement follows the recent resignations of Transnet CEO Portia Derby and Transnet Freight Rail CEO Siza Mzimela.
- Molefe, who also previously served as Prasa chair, was replaced as Transnet chair in July but remained on the board.
- For more financial news, go to the News24 Business front page.
Popo Molefe, who was replaced as chairperson of Transnet earlier this year but remained on the board, has now resigned - hot on the heels of three top executives who recently quit the embattled state-owned logistics company.
The Department of Public Enterprises (DPE) confirmed the resignation to News24 on Friday.
The announcement follows the resignation of Transnet CEO Portia Derby and Transnet Freight Rail CEO Siza Mzimela, who resigned in the space of less than a week. Transnet CFO Nonkululeko Dlamini also resigned to take up a post at Telkom.
Molefe was appointed as board chairperson in 2018 but was removed as chair by Public Enterprises Minister Pravin Gordhan in July and replaced by Andile Sangqu. Molefe initially retained his position as board member, however.
DPE spokesperson, Ellis Mnyandu, said:
Transnet has come under increasing pressure as its performance declined, with business and labour alike lobbying for urgent action to be taken. Rail export volumes have fallen from a high of 213 million tonnes in 2018/19 to 149 million tonnes in the last financial year, with only 25% of targets met.
Volumes on the coal-rail line to the export terminal at Richards Bay fell to a 30-year low, while the state-owned company battled a heavy debt burden and a loss of critical skills. Transnet has also declared a total of six force majeures in a matter of two years.
