Eskom as announced that chief financial officer (CFO) Calib Cassim will act as group chief executive (GCE) with full delegation of authority with immediate effect and until further notice.

Cassim was appointed as Eskom’s CFO in November 2018 after serving as acting CFO from July 2017. He is a registered Chartered Accountant (SA) and holds a master’s degree in Business Leadership (MBL). He has over 20 years of service in Eskom.

Outgoing GCE Andre de Ruyter has left the utility with immediate effect.

The news comes as Minister of Finance Enoch Godongwana announced new debt relief measures in his budget speech on 22 February 2023.

Government will provide Eskom with R254-billion of debt relief, by:

* Advancing R78-billion in FY 2023/24, R66-billion in FY 2024/25, and R40-billion in FY 2025/26, in each case in the form of subordinated, interest-free loans (convertible into equity) which must be used by Eskom to cover certain capital and interest payments on Eskom’s existing financial indebtedness; and

* Government directly taking over R70-billion of Eskom’s debt portfolio in FY 2025/26, in each case, subject to Eskom satisfying or complying with certain conditions.