03 Mar TP NCHOCHO TO DEPART THE IDC AT THE END OF HIS CONTRACT
Johannesburg, 3 March 2023. The Board of Directors of the Industrial Development Corporation (IDC) has announced that its CEO, Mr TP Nchocho, will leave the Corporation upon the expiration of his fixed term-contract, which ends on
31 December 2023. The CEO informed the Board that he had decided not to seek an extension of his contract beyond its expiry date.
In the context of the above, it was thus agreed that it would be in the best interest of both the IDC and the CEO that the Board proceeds with the process of identifying a successor to allow for a seamless transition. In the interim, the CEO will remain at the helm of the Corporation.
Mr Nchocho was appointed as the CEO of the IDC in January 2019, following his successful tenure in Development Finance Institutions (DFIs) such as the Development Bank of Southern Africa (DBSA) and the Land Bank.
Mr Nchocho’s tenure at the IDC saw him stabilise the entity and help it navigate through the impact of the Covid-19 pandemic and related lockdowns, during which time the IDC was designated as an essential service. He was also instrumental in availing the IDC to provide the much-needed relief following the July 2021 unrest that destabilised numerous economic nodes in South Africa, as well as the 2022 floods that crippled some parts of the country.
A year into his tenure as the CEO of the Corporation, the world was hit by the Covid-19 pandemic. His role as the CEO was to pivot the IDC from its strategic pathway to a transition plan to enable it to survive the turmoil brought about by the pandemic. The immediate priority was to strengthen its solvency and stabilise its liquidity while still delivering on its development mandate.
In 2021 Mr Nchocho led the re-positioning of the organization in the aftermath of the pandemic and put it back on track to deliver on its core mandate, and these efforts saw increased acceleration and focus in 2022 to drive service delivery and performance.
Mr Nchocho said he felt very honoured to have been given the opportunity to lead a dynamic and strategic state entity such as the IDC. “It was a journey and challenge that I enjoyed, but it would not have been possible without the support of various stakeholders such as the Board, the Executive and Management teams, as well as all employees of the entity. I know that I am leaving competent and capable teams that will propel the organization forward to improve the lives of our people. Furthermore, my hope for 2023 and going forward is to see the IDC focusing very strongly on the consolidation of its long-term sustainability strategy,” he said.
Ms Busi Mabuza, the Board Chairperson, extended the Board’s gratitude to Mr Nchocho for the value that he has added to the organisation during his tenure as the CEO of the IDC, and wished him all the best in his future endeavours.
“Mr Nchocho has helped the organisation to confidently navigate one of the most tumultuous periods in the economy where uncertainty was the order of the day. On behalf of the Board, I sincerely thank and extend our appreciation to him for the outstanding service he rendered to the IDC and the people of South Africa in general. The IDC remains a strong, sustainable, and well-run organisation as a result of his commitment to service delivery. The Board would also like to thank the IDC’s Executive and Management teams for the support they accorded to him during his tenure at the helm of the organisation”, said Ms Mabuza.
Ends
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Email: media@idc.co.za