Fundamental problem with SAA is how it has been lead - Gigaba

Finance Minister Malusi Gigaba says Vuyani Jarana is suitable for the position as South African Airways’ new chief executive officer.

Cabinet approved Jarana's appointment at its meeting on Wednesday.

The appointment comes amid reports that SAA is cash strapped and is technically insolvent.

READ: Cash strapped SAA has funds locked up in other African countries

Jarana has headed up Vodacom’s enterprise division since 2012 and was previously its chief operating officer.

He is a South African of very high repute. He is very well known in the corporate world. He has played various leading roles at Vodacom and he is, therefore, a corporate leader - a turnaround specialist. He has vast networks on the continent which is the future growth plan for South African Airways.

Malusi Gigaba, finance minister

He is somebody we believe is going to do a good job.

Malusi Gigaba, finance minister

Gigaba says the fundamental problem with the airline stems from a point of leadership.

The turnaround strategy that was adopted in 2013 was abandoned midway and therefore the new board has had to come up with a workable plan based on stabilising the airline....We are expecting that the CEO is going to play a critical role in driving the implementation of the turnaround strategy.

Malusi Gigaba, finance minister

Click on the link below to listen to the full audio....

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