PetroSA has announced that Siphamandla Mthethwa (photo), the CEO of Central Energy Fund, has been selected as its acting CEO effective from June 30.

This is coming after the current acting group CEO Mapula Modipa resigned from the company. Modipa has been in the company for a year and is resigning for personal reasons.

Mthethwa is expected to spearhead the transformation plan started by Mopida and her executive team till a permanent CEO is appointed.

“Under Mopida’s leadership, the company has made great strides in addressing a disappointing performance in the 2014/15 financial year,” PetroSA told Engineering news, adding that the company in spite of Mopida’s withdrawal it remained well-resourced to implement the transformation plan.“Despite severe challenges posed the low crude oil prices, a deteriorating exchange rate and the lackluster global economic growth, PetroSA is stabilising and continues to be a going concern,” it added.

PetroSA sells petrochemical products to South Africa’s key oil companies and also exports to international markets.

Anita Fatunji