South African Airways' CEO Vuyani Jarana has resigned after less than two y...
JOHANNESBURG - South African Airways’ CEO Vuyani Jarana has resigned after less than two years in the job, saying his turnaround strategy for the loss-making airline was being undermined by a lack of state funding and too much bureaucracy.
His departure highlights the challenges facing South African President Cyril Ramaphosa as he seeks to speed up reforms at South African Airways and other state-owned entities. They are dependent on government bailouts and are regularly cited by ratings agencies as one of the main threats to the country’s economic growth.
Jarana, in his resignation letter, said that in March 2018, the Treasury approved the airline’s turnaround plan, which required funding of 21.7 billion rand . Of that 9.2 billion rand was to cover old debt and 12.5 billion rand was for working capital requirements until 2021, he said, with the state providing the requisite funding as per the plan.
The airline has had no less than three incidents in which it was almost unable to pay salaries due to the lack of funding, he said. Magwaza said the airline will continue to take measures to reduce its cost structure and make the airline more competitive domestically and globally.
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