Calib Cassim has stepped in to steer Eskom out of perpetual darkness following the dramatic resignation of former CEO Andre de Ruyter.
Calib Cassim rises to helm of Eskom Group
The embattled national electricity supplier confirmed the appointment in a statement that came days after De Ruyter exited his role with immediate effect.
The outgoing executive ruffled feathers on his way out with an explosive interview, where he categorically accused the ANC of siphoning billions earmarked for Eskom projects and pretty much chalked the utility’s woes to political interference and bureaucracy.
Of course, Eskom and its partners, including the Central Energy Fund, and ANC Secretary-General Fikile Mbalula, have since condemned De Ruyter’s antics.
Moving on from this week’s turbulence, the power utility revealed that Cassim will step in as the interim Group CEO effective immediately, and “will lead the Eskom management team until further notice.”
Here’s everything we know about Eskom’s new CEO
In Friday’s statement, Eskom highlighted that Cassim’s appointment was motivated by his long tenure at the state-owned electricity provider.
After spending 16 months as the entity’s chief financial officer in an acting capacity, Cassim was awarded a permanent contract in November 2018 and has held the position ever since.
“With over 20 years of service in Eskom, his qualifications and extensive experience have provided Mr Cassim with a deep understanding and appreciation of the Eskom business and the electricity industry, especially regarding the challenges facing the financing of operations and future expansion of the industry,” Eskom said.
As a registered Chartered Accountant with a master’s degree in Business Leadership, Cassim not only bears the responsibility of lifting the heavily indebted Eskom out of a multi-billion-rand sinkhole but all eyes will be honed in on his ability to steer the nation out of perpetual darkness, which, at some point earlier this week, was escalated to Stage 7 loadshedding without prior notice.
We did a bit of digging to get a better understanding of who Eskom’s new CEO is, and here’s what we found:
Cassim is pro-electricity price hikes
Since taking over the financial arm of South Africa’s power supplier, Cassim has overseen the rise of electricity prices.
In April 2021, Eskom’s financial executive won a landmark case against NERSA, which allowed the national electricity supplier to implement a 15% price increase as a means of recouping revenue losses.
Between 2017, when Cassim took over as Group CFO, and 2020, electricity price hikes averaged 25%.
He’s a staunch admirer of Cyril Ramaphosa
Cassim is a renowned admirer of President Cyril Ramaphosa. In a 2019 interview with EE Publishers, following Ramaphosa’s State of the Nation Address where he announced the unbundling of Eskom, Cassim stood behind the controversial decision.
“I fully support and am comfortable with what the president has said in his State of the Nation Address last week, and the direction set forth. Now it’s about getting into the details. Transparency is in the interests of everyone, and most importantly, the consumer,” he said at the time.
Eskom losses with Cassim as Group CFO
Eskom has suffered five consecutive annual deficits in its accounting books, with Cassim at the helm for four of those financial years.
In December 2022, the power utility, as reported by Business Live, reported a loss of R12.3 billion for the year ending March 2022. In the previous year, Eskom had reported a loss of R25 billion.
Cassim’s involvement in a shoddy tender deal between Eskom and Econ Oil
Cassim’s name surfaced in an explosive tender scandal involving Eskom’s former Chief Procurement Officer Solly Tshitangano and Econ Oil.
As head of Eskom’s Exco Tender Committee and Chief Financial Officer, Cassim supported the utility’s agreement with Econ Oil, which was valued at R5.2 billion and spanned four years between 2017 and 2021, despite the fact that the tender was awarded irregularly.