Transnet board on why it booted CEO Siyabonga Gama

The board of Transnet has finally decided to let go of its CEO Siyabonga Gama with immediate effect over the weekend.

Gama is implicated in corruption and maladministration, relating to a multi-billion rand locomotive deal which took place in 2012.

Transnet Board member Edward Kieswetter explains the decision to fire Gama, and what this means for the parastatal.

Kieswetter says Gama was fired because the board lost confidence in his ability to lead the parastatal.

Gama will still get his salary for the next six months which is estimated at R3 million - for doing absolutely nothing.

Read: 'The next petrol price increase will be more than R1'

The termination of Mr Gama's contract is in terms of his employment contract which provides for a notice period of six months. So we are simply honouring the contract of employment.

Edward Kieswetter, Transnet Board member

As is practice, when it involves a senior executive, it serves the company's interest best when the individual is no longer around so that we can bring certainty and stability and also revitalise the company and the remaining executives to focus on a very challenging task of running a company.

Edward Kieswetter, Transnet Board member

As the board, we are accountable for ensuring the well-being of the company and take decisions that set the company on its course that is required and can be managed with trust and integrity.

Edward Kieswetter, Transnet Board member

This article first appeared on CapeTalk : Transnet board on why it booted CEO Siyabonga Gama


Recommended

by NEWSROOM AI
Read More
[LISTEN] 'As of today Mr Gama is no longer an employee of Transnet'

[LISTEN] 'As of today Mr Gama is no longer an employee of Transnet'

Transent board member Professor Edward Kieswetter says the board acted within its mandate by firing group CEO Gama.

Transnet board issues notice of termination to CEO

Transnet board issues notice of termination to CEO

The board says it has lost trust and confidence in Gama’s ability to lead Transnet.

 'The next petrol price increase will be more than R1'

'The next petrol price increase will be more than R1'

This is a prediction made by Deputy Editor at Financial Mail, Sikonathi Mantshantsha.

[LISTEN] Transnet CEO expected to file reasons why he should not be suspended

[LISTEN] Transnet CEO expected to file reasons why he should not be suspended

CEO Siyabonga Gama, CPO Thamsanqa Jiyane and supply chain manager Lindiwe Mdletshe were served with notices on Wednesday.

Transnet CEO Siyabonga Gama served with suspension notice

Transnet CEO Siyabonga Gama served with suspension notice

The Money Show’s Bruce Whitfield interviews Pieter du Toit, the assistant editor at News24.

"ANC is finding it difficult to sleep since we took over from them in the City"

"ANC is finding it difficult to sleep since we took over from them in the City"

Joburg mayor, Herman Mashaba says the ANC-led motion of no confidence against him is a tactic to collapse the DA-led metro.

Popular articles
TymeBank CEO Sandile Shabalala quits

TymeBank CEO Sandile Shabalala quits

Shabalala says he wants to spend more time with his family. Bruce Whitfield interviews portfolio manager Kokkie Kooyman (Denker).

Average salary in SA is R6400 per month, but 70% of workers earn less

Average salary in SA is R6400 per month, but 70% of workers earn less

About 29% of workers earn less than the R3500 national minimum wage, says Anish Shivdasani, CEO at Giraffe.

Can South Africa and Nigeria kiss and make up? Because there’s money to be made

Can South Africa and Nigeria kiss and make up? Because there’s money to be made

The relationship is complicated and strained. Dianna Games reports back from the SA-Nigeria Investment Conference in Sandton.

'Elephant in the room is labour law and the labour movement'

'Elephant in the room is labour law and the labour movement'

The Money Show's Bruce Whitfield interviews economists Andrew Levy (Andrew Levy Employment) and Dr Azar Jammine (Econometrix).

Investec gives staff unlimited leave days and freedom to wear what they want

Investec gives staff unlimited leave days and freedom to wear what they want

The bank rewards innovation with substantial bonuses and pays according to output not hours at work, says Lesley-Anne Gatter.

We've technologist on record saying she'll not treat patients - Discovery Health

We've technologist on record saying she'll not treat patients - Discovery Health

CEO Dr Broomberg has rubbished reports that a KwaZulu-Natal patient died after the company stopped payments.

R400m is absolute nonsense, insists CR17 campaign member

R400m is absolute nonsense, insists CR17 campaign member

Ramaphosa's former campaign member Dr James Motlatsi says he is the one who asked Gavin Watson for a donation, not the president.

[WATCH] Sho Madjozi first female South African to win BET award

[WATCH] Sho Madjozi first female South African to win BET award

The rapper, singer and songwriting superstar walked away with the best new international act on Sunday evening in Los Angeles.

Gauteng waitress gets R18,000 tip for 'amazing service'

Gauteng waitress gets R18,000 tip for 'amazing service'

A waitress at The Beerhouse in Fourways who received the generous donation wants to finish her matric and become a paramedic.