There might be hope for bankrupt SAA

5 months ago written by

Can the nose-diving South African Airways be saved from itself? There might be hope as reports suggest Vodacom Group Executive, Vuyani Jarana, might be the new SAA CEO in charge of changing things around at the bankrupt state-owned entity.

Joburg rag Business Day suggests Jarana has been identified as the leading candidate for the position of CEO of SAA. The report says three people familiar with the matter had confirmed the rumour but SAA itself has not confirmed anything.

Jarana (pictured) currently serves as the Chief Officer of Enterprise Business Unit at Vodacom Group Limited. He is responsible to drive business growth through the enterprise business segment and for coordination and execution of the enterprise business in market where Vodacom has presence. He served as the Chief Operating Officer of Vodacom South Africa until March 2012 and holds a National Diploma in Telecommunications from Olifantsfontein College, a B Com from Unisa and an MBA from the University of Stellenbosch.

The SAA has been in all sorts of financial trouble for many years – mostly due to mismanagement. Earlier this week it was also revealed that the Public Investment Corporation (PIC) was one of several options being explored to help the cash-strapped airline meet its financial obligations. 

It emerged during a meeting of the portfolio committee on finance in Parliament that several billions of rand in loans was maturing today (Friday, June 30), with at least one lender – Standard Chartered Bank – having indicated they would not renew its loan facility of R2.3 billion to the cash-strapped government-owned airline.

TourismUpdate.co.za reports this morning that SAA spokesman Tlali Tlali, says the SAA had sent a submission [of possible CEO] to the shareholder [the National Treasury] on the matter. “Once considered at that level, the name of the recommended candidate may be tabled at Cabinet”.

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