Transnet’s CFO joins Eskom on a secondment
Thursday, 16 July 2015: The Boards of Directors at Transnet and Eskom have agreed to second Transnet Group Chief Financial Officer, Mr Anoj Singh, as acting Chief Financial Officer to Eskom for a period of six months.
Mr Singh’s secondment is effective from 1 August 2015 and he will attend both the Eskom Board of Directors and the Executive Committee meetings. He will be responsible for driving all aspects of the company’s finance strategy, including the R250 billion funding plan.
At Eskom, he will be primarily tasked with transforming the company’s finance function, aligning it with key strategic priorities of generation, funding and build programme, while enhancing the approach to tariff applications.
Mr Singh, a Chartered Accountant, has been in the role of Group Chief Financial Officer at Transnet for the past six years. He led Transnet’s treasury operations which saw the company raising billions in both domestic and international markets. Under Mr Singh’s leadership, Transnet has accessed funding from investors in Canada, United States, Germany and China, amongst others. Throughout his leadership, Transnet maintained an above investment grade rating while raising funds on the strength of its balance sheet.
During his tenure as CFO, Transnet launched its rolling seven-year infrastructure investment programme which currently stands at R336 billion. This includes the historic acquisition of the 1 064 locomotives – one of South Africa’s single biggest capital investment transactions.
He co-led Transnet’s negotiating team with the Original Equipment Manufacturers and has already raised more than 90% of the required funding for the R50 billion contract.
Mr Singh has extensive experience in financial strategy development and execution, capital projects assurance, treasury, corporate finance, investor relations, tax and funding for regulated businesses.
He has won several accolades in recognition of his outstanding performance and leadership. These include: Public CFO of the year Award for two consecutive years in 2014 and 2015 respectively, Strategy Execution Award and Compliance and Governance Award, among others.
Before joining Transnet, he worked as an accountant at a listed company and as an auditor.
The Board and everyone at Eskom welcome Mr Singh and thank him for accepting the challenge. He is guaranteed full support.
Statement issued by Dr Ben Ngubane, Chairperson of the Eskom Board of Directors, July 16 2015
