PetroSA acting CEO quits

Cape Town - State oil firm PetroSA announced on Wednesday that Mapula Modipa has resigned after a year as acting group chief executive officer for personal reasons.

Siphamandla Mthethwa, currently group chief financial officer of PetroSA shareholder company the Central Energy Fund, will take over as acting CEO and remain in the position until a permanent CEO is announced.

PetroSA said in a statement the company has made great strides under Modipa's leadership in addressing a disappointing performance in the 2014/15 financial year.

"Despite severe challenges posed by the low crude oil prices, a deteriorating exchange rate and the lacklustre global economic growth, PetroSA is stabilising and continues to be a going concern."

PetroSA said its board wishes to stress that despite the departure of Modipa, the company is well resourced to implement the turnaround plan she initiated. Mthethwa’s mandate is to ensure that PetroSA fortifies efforts towards the implementation of the plan.

Modipa's last day is on June 30.