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Eskom CEO Phakamani Hadebe to leave, cites health reasons
Hadebe is leaving due to health reasons, the Johannesburg-based company said in a statement published on Twitter. “It is no secret that this role comes with unimaginable demands which have unfortunately had a negative impact on my health,” Hadebe said in the statement.
Eskom is groaning under almost R500bn ($34.7bn) of bond and loan debt, according to data compiled by Bloomberg, and isn’t selling enough electricity to cover its operating and borrowing costs.
President Cyril Ramaphosa insists that Eskom is “too big to fail” and the government has already given the company a three-year R69bn bailout. With the nation’s finances stretched to the limit, the Treasury has limited scope to continue bailing the company out.
Cyril Ramaphosa: The Audio Biography
Listen to the story of Cyril Ramaphosa's rise to presidential power, narrated by our very own Alec Hogg.