SAA CEO Throws In The Towel

08 Oct 2012 by Bearded Wiseman in Business

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A week before SAA is expected to report a financial loss of R1,25 billion, and report that “its liabilities exceed its assets by 359%” its CEO Siza Mzimela has decided enough is enough, and thrown in the towel.

The announcement comes just more than a week after the SAA board began hemorrhaging other important staff members like its Chairwoman, Cheryl Carolus.

Mzimela’s resignation has been speculated on for a few weeks already, but the news was announced today. She had been quoted from a letter she sent to staff saying that the move was not a random one.

I have given this decision careful thought and feel that now is the best time to relinquish my position as your CEO and allow somebody else to pilot the company into the future.

I leave with some sadness because I have thoroughly enjoyed being a member of the SAA family for almost three years – and will therefore miss the company and all of you.

I have a sense of relief because steering this mega national asset is, to state the obvious, a very demanding and daunting task even under the best of times.

But as many of you know, there has not always been a uniform understanding and appreciation of this mandate from stakeholders, which bred a myriad of challenges – as if the operating environment was not daunting enough without this unnecessary discourse and misinformation.

SAA will finally hold its very delayed AGM on October 15, at which it is expected to announce a loss of R1,25 billion for the financial year ended March 31. On top of that, it is expected to announce that “its liabilities exceed its assets by 359%”.

[Source: BDlive]

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