IDC media statement
It is with a mix of sadness and gratitude that the Board of Directors announces the resignation of the Chief Executive of the Industrial Development Corporation (“the Corporation”), Mr Geoffrey Qhena, following a 13-year period at the helm. Mr Qhena has been with the Corporation for almost 20 years.
Mr Qhena, the longest serving CEO of the IDC since the advent of democracy, has played a critical role in the development and success of the Corporation and its positioning into one of the leading development finance institutions in the country and the rest of Africa.
During his tenure as Chief Executive, Mr Qhena played a significant role in the organisation’s achievements some of which include the following;
- Substantial growth in IDC’s asset base from R31 billion in 2004 to R137 billion in 2018;
- IDC’s funding approvals increased substantially during his term of office with a cumulative total of R149.1 billion approved during the period. The last five years have seen the highest levels of funding by IDC in any five-year period over the last 20-year period;
- Creating and saving approximately 367,000 direct jobs since 2005 through funding provided to South African projects.
“Working for the Industrial Development Corporation and being in a position to positively change the lives of many ordinary South Africans through the creation of jobs has been the greatest privilege of my career,” said Mr Qhena. “I am proud to have been given an opportunity to lead the 850 committed and hardworking IDC employees, in increasing the impact of the IDC in the economy.”
The Chairperson of the Board, Ms Busisiwe Mabuza wished Mr Qhena the best for the future and thanked him for his enormous contributions in building the IDC into a finance institution of significance under his stewardship. “On behalf of the Board, I wish to express our sincere gratitude and appreciation to Mr Qhena for his selfless service to the IDC and the people of South Africa in driving delivery on the developmental and transformational mandate of this critical institution. The IDC is a strong, sustainable and well-run organisation as a consequence of Mr Qhena’s commitment and ethical leadership,” said Ms Mabuza.
Geoffrey Qhena has worked diligently and with dedication to advance the mandate of the Industrial Development Corporation and there are many hundreds of enterprises in the country that have been supported by the IDC under his watch. During his period at the helm, the IDC made a significant shift in its mandate, to focus on the development of Black Industrialists and youth entrepreneurs. He leaves the IDC in sound financial health. I am most appreciative of his efforts, Economic Development Minister, Minister Ebrahim Patel said in a statement issued today.
The Board of Directors will immediately commence with the search for a new CEO. Mr Qhena has agreed to stay until 31 December 2018. The Board will continue to engage with him should the process to find his replacement not be concluded in the indicated time. This will ensure that there is a smooth transition.
