PetroSA terminates CEO’s contract
Nosizwe Nokwe-Macamo was placed on suspension in May pending an investigation into her performance.
CAPE TOWN - PetroSA has terminated the contract of its CEO Nosizwe Nokwe-Macamo following a probe into her performance.
Nokwe-Macamo, the chief financial officer and the acting vice-president of upstream operations, were placed on suspension in May pending an investigation into their performance.
The board suggested the executives were in part responsible for the parastatal;'s poor financial performance.
PetroSA's financial problems have been under scrutiny following a multi-billion rand loss in the 2014/2015 financial year.
The losses follow plummeting oil prices and feedstock challenges at its gas-to-liquids refinery in Mossel Bay.
In an effort to cut costs the company is offering voluntary severance packages to all employees.
The severance package includes two weeks' pay for every year an employee has worked at the company.