CEO of South Africa’s utility Eskom to leave with immediate effect

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On Wednesday, Eskom said that its CEO, Andre de Ruyter, would resign immediately.

In a news statement, Eskom claimed the decision was reached after a special board meeting with CEO de Ruyter.

It said, “The board has resolved that he will be dismissed from his job immediately.”

In December, De Ruyter resigned from the ailing utility. Although, he vowed to stay until March 31 while the firm sought for a replacement.
Debt-laden Eskom has failed to meet South Africa’s electricity demand for years, causing public anger, company losses, and calls for resignations.

It’s causing the nation’s most power outages.

On Wednesday, the South African government announced that it will absorb more than half of Eskom’s $423 billion rand ($23 billion) debt over the next three years to strengthen the company’s finances and allow its reorganization.

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