PetroSA boss steps down

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PetroSA is set to make losses of about R15-billion for the latest financial year.

JOHANNESBURG - South African national oil company, PetroSA, on Wednesday announced the voluntary departure of acting group chief executive (GCEO), Mapula Modipa, who would step down "for personal reasons" at the end of June after a year at the helm.

In a statement on Wednesday, PetroSA announced that Modipa would be succeeded by Chief Financial Officer, Siphamandla Mthethwa, also in an acting capacity until a permanent appointment is made.

Modipa had been in an acting executive position since the parastatal’s former embattled chief, Nosizwe Nokwe-Macamo, also left the company under a dark cloud.

PetroSA interim board on Wednesday thanked Modipa for her "invaluable contribution" to the company and wished her well on her future endeavours.

"Under Mopida’s leadership, the company has made great strides in addressing a disappointing performance in the 2014/15 financial year," PetroSA said in a statement.

"Despite severe challenges posed [by] the low crude oil prices, a deteriorating exchange rate and a lacklustre global economic growth, PetroSA is stabilising and continues to be a going concern."

PetroSA said it remained well-resourced to implement the turnaround plan which would be "fortified" by Mthethwa.

"The board wishes to stress that despite the departure of the acting GCEO, the company is well-resourced to implement the Turnaround Plan implemented by Modipa and her executive team to ensure that PetroSA executive is one predicated on sustainability and the ability to contribute positively to the national objectives of the country," PetroSA said.

A year ago, the cash-strapped parastatal terminated its former chief executive’s contract, Nosizwe Nokwe-Macamo, and placed on suspension two other top executives amid a probe into their performance.

The company’s board of directors were of the opinion the three were in part to blame for the multi-billion rand loss made in the previous financial year.