Telkom chief investment officer Deon Fredericks will over the next 12 months work as South African Airways’ (SAA) Chief Financial Officer (CFO). Fredericks’ appointment as interim CFO was announced by the national carrier on Thursday.
“We welcome the appointment of Fredericks to ensure that SAA’s strategic objective of transforming the business into a financially sustainable aviation group is achieved,” said SAA board chairperson JB Magwaza.
Fredericks, who resumes on 15 October, is on secondment from Telkom for a 12-month period from Telkom where he was chief financial officer from September 2014 to July 2018. He will hold the forte while SAA initiate and finalise the recruitment process for the appointment of its permanent CFO.
Fredericks takes over from Robert (Bob) Head whose contract as SAA Interim CFO ended on 30 September.
SAA has been struggling in recent years and ended up being technically bankrupt weeks ago as it ran out of cash, with its debts now more than its assets. Worse, banks have refused to lend it any more money and its only hope is government intervention. The state-owned carrier reported a net loss of R5.7 billion for 2017-18 as sales plunged and operating costs rose.