Attention: News Editors and Journalists
Date: 11 May 2020
For Immediate Release
CEF BOARD STABILISES THE GROUP WITH APPOINTMENTS OF NEW CEOs
Johannesburg – The Central Energy Fund (CEF), Board of Directors has filled all vacant Chief Executive Officers positions at all its Group of companies, in particular at CEF SOC, Strategic Fuel Fund (SFF), Petroleum Agency of SA (PASA) and PetroSA which have not had permanent CEOs since 2014.
During a period whereby a number of executives were on acting CEO roles, the Group experienced a turbulent period in fulfilling its mandate. A number of strategic initiatives have been delaying resulting in the Group losing market share and revenue decline. Commenting on the appointment of these high calibre CEOs, the CEF Group Chairperson, Dr Monde Mnyande said, “Following the appointment of the new group boards by the Minister of Mineral Resources and Energy, Mr Gwede Mantashe in December 2019.
There was a concerted effort to fast-track a process to fill all vacant CEOs positions across the group to bring stability and certainty to ensure that the country is ready to achieve a “Just and Fair” energy transition”.“I am pleased that the appointment of these executives are finalized at a time when the CEF Group is embarking on a campaign to drive investments in the energy value chain geared to reignite the South African economy and create much-needed jobs”, said Dr Mnyande.
Dr Mnyande emphasised that these appointments will also lay a solid foundation to address the challenges that lie ahead in the security of South Africa’s energy future that will create shareholder value as well as addressing the triple challenge of unemployment, inequality and energy poverty in SA.“The appointment of our CEOs comes at a time when the Group, like all energy companies, faces turbulent times brought by the slump in fuel demand coupled with global oversupply. As a national energy company our response to this volatility must be to safeguard the security of energy supply in the country in the long run”, he added.
Brief Profiles of the Appointed Executives
1. Dr Ishmael Poolo has been appointed as a CEF Group CEO. Prior to his appointment as a new CEF Group CEO, he served in the following portfolios:
- As the Executive Chairman of the South African Robotics Club,
- CEO of the Centlec, electricity distribution utility in Mangaung, Business Development Executive at Centlec,
- Director for services and infrastructure at the City of Cape Town,
- Regional Integration Manager at Eskom, National Electrification Planning Manager at Eskom,
- Property Maintenance and Asset Management Manager at Eskom as well as a Contract and Services Manager at the Eskom’s Hendrina Power Station.
Dr Poolo is a seasoned executive with over 20 years’ experience in the energy sector. He has demonstrable ability and business acumen in initiating projects and delivering sustained results. His strength lies in strategizing and leading cross-functional teams in the improvement of business processes aim at delivering shareholder value –both as a leader and expert consultant in the energy sector. He holds a Doctoral Degree specialising in Management of Technology and Innovation, Master’s Degree in Science specialising in Management of Technology and Innovation, B-Tech in Mechanical Engineering and National Diploma in Mechanical Engineering.
2. Mr Pragasen Naidoo has been appointed as a CEO at PetroSA. Prior to his appointment as the PetroSA Group CEO, Mr Naidoo, in addition to other roles, served as the Group Chief Operations and Business Development Officer at the Central Energy Fund (CEF), a holding company of PetroSA. He holds a BSc in Chemical Engineering and an MSc in Engineering whilst his industry experience spans approximately 18 years in Human Capital Development and Management, Technology Development and Engineering, Capital Project Execution, Business Development and Operations. During this period, Mr Naidoo also gained exposure to the local and international environments.
3. Mr Godfrey Moagi has been appointed as a CEO of Strategic Fuel Fund. Prior to his appointment as a CEO, Mr Moagi served as the acting CEF Group CEO and board member, acting SFF CEO, and Board Chairperson of African Exploration Mining and Finance Corporation (AE) in the last five years. At the height of his career in the sector, he held many senior executive roles at BP Southern African and globally. Mr Moagi is an oil and gas executive with extensive years of experience in the industry. He worked in different functions in the oil and gas sector, including refining, supply & logistics, trading, sales and marketing. He holds a Bachelor of Commerce, Bachelor of Commerce Honours degrees from Wits University and a Senior Executive Certificate from Harvard University.
4. Dr Phindile Masangane has been appointed as CEO of Petroleum Agency of South Africa. Prior to her appointment as PASA CEO, she has been responsible for clean, renewable and alternative energy projects at the South African state-owned company, CEF (SOC) Ltd. At the height of her career in the energy sector, she was a partner and director at KPMG responsible for the Energy Advisory Division from 2010 to 2013. During her tenure at CEF Group, she led the development and investments in renewable, clean and alternative energy projects on behalf of the CEF Group of Companies.
Her responsibilities also included supporting the national government in developing energy policy and regulations for diversifying the country’s energy mix. In 2013/14, she led the development of the CEF Group Gas Strategy. Dr Masangane holds a PhD in Chemistry obtained from Imperial College in London, an MBA degree from the University of the Witwatersrand and a Bachelor of Science degree from the University of Swaziland.
5. Ms Zanele Sibisi has been appointed as a Chief Operating Officer at the African Exploration Mining Finance Corporation (AEMFC). Prior to her appointment at AEMFC, she served as COO at Wescoal in charge of three opencast mines and processing plant. She also held various senior leadership roles at South 32-South Africa Energy Coal. Ms Sibisi holds a National Higher Diploma in Coal Mining, a B.Tech degree in Mining Engineering from the University of Johannesburg. She also completed a leadership development program with the University of Stellenbosch and a Mine Managers Certificate of Competency (Coal Mines). Her mining career spans over 20 years in coal mining. Ms Sibisi started her career as a Mining Graduate trainee at Sasol Mining.
For more information, contact:
Corporate Affairs Manager
Cell: 071 485 6856