29 Jan Minister Ebrahim Patel announces new IDC Board members, retains its current chief executive
MEDIA STATEMENT: FOR IMMEDIATE RELEASE
29 January 2015
The Minister of Economic Development, Mr Ebrahim Patel, today announced the appointment of Ms Busi Mabuza as Chairperson and Mr Geoffrey Qhena as Chief Executive Officer of the Industrial Development Corporation (IDC). The IDC is the country’s largest development finance institution, with an asset base of R100 billion.
Ms Busi Mabuza will replace Ms Monhla Hlahla who retired as its chairperson at the Annual General Meeting of the IDC, held today in Sandton. Ms Mabuza has served as a board member of the IDC for three years and serves on a number of company boards. She holds a BA (Mathematics and Computer Science) and an MBA (Finance and Information Systems) both from New York University. She is also a director at Ethos Private Equity, an investment firm specialising in direct investments.
Mr Geoffrey Qhena has been reappointed as CEO for a five year period after steering the IDC to expand its level of investments in the economy, entering the green energy sector and increasing the support for industrialisation, job creation and the development of black industrialists.
Minister Patel also announced the appointment of ten other board members.
Three board members have not previously served on the board of the IDC. They are:
- Mr Brian Molefe, the CEO of Transnet, South Africa’s largest logistics company
- Ms Thandi Orleyn, Chairperson of BP South Africa and previously a Deputy Governor of the South African Reserve Bank
- Ms Nomavuso Mnxasana, who serves on the boards of the Land Bank, JSE, Nedbank and other entities.
Board members who were reappointed are:
- Mr Bobby Godsell
- Dr Sizeka Magwentshu-Rensburg
- Ms Lael Bethlehem
- Mr Brian Dames
- Mr Zwelinzima Vavi
- Ms Philisiwe Mthethwa
- Mr Nimrod Zalk
Announcing the new Board at the AGM today, Minister Patel noted the importance of industrial funding to drive new economic activity and job creation.
“The IDC has strengthened its industrial lending and direct equity in manufacturing as well as new sectors such as the green energy sector and film-making. Its industrial funding approval levels have increased significantly over the past five years. The Corporation’s funding has crowded in high levels of private sector investment and helped to support innovation in the economy. I expect the IDC to improve the employment impact of its investment profile, to support investment that helps to localise the manufacture of infrastructure components and rolling stock and to help the economy to achieve higher levels of inclusive growth,” Minister Patel said today.
“I want to express our appreciation for the exceptional leadership of Ms Monhla Hlahla as chairperson of the Board for the past 6 years,” Minister Patel said.
He also paid tribute to the role played by the three directors who retired as members of the board. They are Johnny Copelyn, Shadrack Mapetla, Roger Pitot and thanked Lindani Dhlamini who stepped down in August 2014.
The IDC plans to invest R100 billion over the next five years, most of which will be in partnership with private sector investors.
For more information, contact:
Chief Director: Investment and Development
Economic Development Department
Tel: (012) 394 5606
Cell: 079 710 4636
IDC Public Relations Manager
Tel: (011) 269 3282
Cell: 082 880 6074