IDC CEO Geoffrey Qhena has announced his resignation
He has led the Industrial Development Corporation for the past 13 years.
After a 13-year period at the helm, and almost 20 years with the organisation, Geoffrey Qhena has stepped down from his post as CEO of the the Industrial Development Corporation (IDC). He is the longest-serving CEO of the IDC since the advent of democracy.
“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. 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.”
During his tenure, Qhena played a significant role in the organisation’s achievements, some of which include the substantial growth in the IDC’s asset base, from R31 billion in 2004 to R137 billion in 2018; the increase of the IDC’s funding approvals with a cumulative total of R149.1 billion approved during the period; and creating and saving approximately 367,000 direct jobs since 2005 through funding provided to South African projects.
The search is already underway for a new CEO, though Qhena has agreed to stay until 31 December 2018.