New Transnet boss 'insider'

Johannesburg - The new Transnet boss will probably come from within the organisation itself.

Maria Ramos, outgoing chief executive of the state-controlled transport group, said on Friday that she had no say in the appointment of her successor.

"The Transnet board is alone responsible for the appointment of my successor," explained Ramos in Johannesburg.

One possible candidate is Siyabonga Gama, head of Transnet Freight Rail (TFR).

Gama previously headed the National Ports Authority and, since being involved with TFR, has transformed this division of Transnet into a material part of the group.

TFR is the largest division in the group and in the 2008 financial year contributed R16.5bn, or 55% of Transnet's total turnover.

Ramos has been chief executive of Transnet for the past five years and, through an intensive restructuring programme, has turned the company around from a R6.5bn loss in 2004 to a R6.2bn profit in the 2008 fiscal year.

Transnet spokesperson John Dluldlu says it was known for some time that Ramos was considering leaving the company as soon as Transnet had successfully been restructured. "It is evident that this objective was attained some time ago."

Ramos's five-year contract at Transnet expired in October.

"The board was always aware that I never planned to stay for long after my Transnet contract had expired," Ramos said on Friday.

She tendered her resignation on Friday and will take over as the chief executive of the Absa banking group on March 1 2009.

Earlier this year there was speculation that she would possibly move to Vodacom to take over as chief executive at the cellphone group.

Ramos declined to say whether she had been approached by any companies other than Absa and Vodacom.

- Sake24