PetroSA and CEO part ways

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

CAPE TOWN - South Africa’s national oil company PetroSA announced on Friday it has parted ways with its chief executive officer Nosizwe Nokwe-Macamo “on mutually acceptable and amicable terms”.

Nokwe-Macamo’s employment termination would take effect on November 1, PetroSA spokesman Thabo Mabaso said.

“The terms of the agreement are confidential. PetroSA wishes Ms Nokwe-Macamo well in respect of any future endeavours,” Mabaso said.

Nokwe-Macamo and chief financial officer Lindiwe Mthimunye-Bakoro were placed on precautionary suspension in June after the company suffered a R15 billion loss under their watch.

Mthimunye-Bakoro challenged her suspension in the Western Cape High Court but her application was dismissed with costs.