Eskom’s Restructuring Chief to Split Duties, Report to Ministers

Freeman Nomvalo, the new chief restructuring officer for Eskom Holdings SOC Ltd., will divide his time between managing the unbundling of the loss-making state power giant and his job as head of the South African Institute for Chartered Accountants, Bloomberg News reported. The role taken by Nomvalo, relatively unknown among economists and analysts, will be more of a process manager than a standalone company executive, according to a statement by the Department of Public Enterprises. “He will lead the efforts to establish the CRO Office” and head a team of specialists to execute the turnaround of Eskom, it said. The task of reorganizing Eskom is crucial for the company and the country, with Eskom having posted a record 20.7 billion rand ($1.5 billion) loss on Tuesday and surviving on bailouts from a cash-strapped state. Read more