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PetroSA acting CEO Mapula Modipa resigns

The acting group CEO had been in the position since Nosizwe Nokwe-Macoma left the company.

PetroSA. Picture: PetroSA.

JOHANNESBURG - PetroSA has announced that acting group chief executive officer (CEO) Mapula Modipa is stepping down for personal reasons.

Modipa will leave office at the end of this month, and will be succeeded by chief financial officer (CFO) Siphamandla Mthethwa, also in an acting capacity, until a permanent appointment is made.

The acting group CEO had been acting in her position after Nosizwe Nokwe-Macoma left the company facing various allegations.

In June last year, PetroSA declared a record loss of R14.5-billion for 2015 when it tabled its annual financial statements to Parliament.

Modipa's contract was terminated, along with that of the CFO, as this was the biggest annual loss faced by any state-owned company since 1994.

Management then turned to the Treasury to ask for loan guarantees.

Despite Modipa's resignation, the company says it's well-resourced to implement its turnaround plan, but Treasury is yet to comment.