Nosipho Maphumulo steps up as Transnet’s new CFO

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Minister Pravin Gordhan has appointed Nosipho Maphumulo as group CFO, as well as a new CEO, to support Transnet’s turnaround strategy.

The Minister of Public Enterprises, Pravin Gordhan, has announced the appointment of two new executives to the leadership team at Transnet. Nosipho Maphumulo has been appointed as the company’s new group CFO, and acting CEO Michelle Phillips has stepped into the group CEO role.

Nosipho takes over from Hlengiwe Makhathini, who has been acting in the role since November 2023 when Nonkululeko Dlamini resigned. Nosipho joins from Eskom Rotek Industries. 

According to Minister Gordhan, these are critical appointments that represent the government’s commitment to equipping Transnet with a competent and experienced executive leadership team “to drive the strategic intervention that the board has put in place as part of the Transnet recovery plan”.

Transnet reported a R1.6 billion loss for their recent half-year results, ended 30 September. The transport company has been struggling to provide adequate services due to equipment shortages and maintenance backlogs after years of underinvestment.

The government has, however, given Transnet a $2.5 billion (about R58 billion) lifeline to help the state-owned firm meet its immediate debt obligations.

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