Today's Big Stories

SA post office starts rebuilding after recording R1-billion loss

Mark Barnes, CEO of SA Post Office, says they are not trying to put 'makeup on the corpse' but are digging deep into the operational structures to fix the problems.

Barnes has been in the CEO seat since the end of 2015 and has been tasked with turning the unprofitable entity around.

The organisation recorded losses of more than R1 billion in the year ending March 2016. Revenue also dropped by 9%, following the R1.4-billion loss for the 2015 financial year.

Barnes says the loss did not come as a surprise. They will probably make another loss this year and hopes profits will start picking up in 2018.

He says they have recognised that they are in a highly competitive industry but says it is a good thing they have an 'irreplaceable commercially incomparable infrastructure which no one could replicate'.

There are some deep challenges and bad habits which formed over ten years and that is not a consequence of people on the ground but the consequences of extraordinary bad leadership and a whole lot of money thrown out the window.

Mark Barnes, CEO of SA Post Office

Barnes says they will not be using consultants but they will be fixing these problems in-house with the management. He says there's a lot to be done and it is not going to happen overnight.

My job was not to go in there and fire people but to start from scratch and build with what we've got.

Mark Barnes, CEO of SA Post Office

Listen to the full conversation below:

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