Business Maverick: SAA CEO Jarana resigns, placing SAA's turnaround plan in question By Tim Cohen tim_cohen
The board of SA’s flag-carrier airline SAA has confirmed that it has accepted the resignation of its CEO
SAA board chairman JB Magwaza suggests the implementation of the plan will carry on, saying that “the airline will continue to implement actions to reduce SAA’s cost structure and make the airline more competitive domestically and globally”. However, the prospects of the full plan being delivered are now seriously in question, particularly given Jarana’s explanations for what went wrong.
“We have not been able to obtain any further funding commitment from government making it difficult to focus on the execution of the strategy. I spend most of my time dealing with liquidity and solvency issues. Lack of commitment to fund SAA, is systematically undermining the implementation of the strategy making it increasingly difficult to succeed.”
Jarana’s resignation lands a hot potato in the lap of the newly formed government of President Cyril Ramaphosa, and it doesn’t help that reappointed Finance Minister Tito Mboweni has explicitly said that he thought government should not fund an airline, arguing it is effectively a government subsidy for the rich.
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