The hunt is on for a new leader of the Industrial Development Corporation (IDC) after the a state-owned development finance institution said yesterday that TP Nchocho is to step down as CEO and executive director on December 31, 2023.
“In the context of the above, the board and Mr Nchocho agreed that it would be in the best interests of both the IDC and the CEO to proceed with the process of identifying a successor to allow for a seamless transition. In the interim, Mr Nchocho will remain at the helm of the corporation until a suitable candidate is appointed,” it said in a JSE Stock Exchange News announcement.
The IDC said Nchocho joined the IDC in 2019, a year into his tenure as the CEO of the Corporation, the world was hit by the Covid-19 pandemic.
“In his role as the CEO, he pivoted the IDC from its strategic pathway to a transition plan to enable it to survive the turmoil brought about by the pandemic. The immediate priority was to strengthen its solvency and stabilise its liquidity, while still delivering on its development mandate.
“In 2021, Mr Nchocho led the re-positioning of the organisation in the aftermath of the pandemic and put it back on track to deliver on its core mandate, and these efforts saw increased acceleration and focus in 2022 to drive the IDC’s developmental mandate and its financial sustainability,” it said.
For the financial year ending March 31, 2022 the IDC approved funding amounting to R16 billion in an economy that was substantially depressed due to the Covid-19 pandemic and its lingering impact.
Busi Mabuza, the board chairperson, extended the board’s gratitude to Nchocho for the value that he has added to the organisation during his tenure as the CEO of the IDC, and wished him all the best in his future endeavours.
BUSINESS REPORT