The CEO of South Africa's Land bank, Alan Mukoki, has thrown in the towel before the end of his contract term, after failing to turn the ailing state-owned agricultural development finance institution around.
Mukoki’s decision to quit comes soon after the resignation of retired Absa CEO Nallie Bosman, who had been roped in to “fix” the problems at the bank after Mukoki and three senior managers “stepped aside” following allegations of mismanagement at the end of March.
The Land Bank is an under performing institution that has gone through more CEOs in the past 10 years than any other South African bank.
The agricultural financier said yesterday Mukoki had resigned and would vacate his position by the end of next month to pursue investment opportunities requiring his personal involvement.
“The board will in the interim appoint an acting CEO in order to enable a smooth transition,” the bank said.
Mukoki, who had been CEO for 32 months, said, “The bank has been in a turnaround for the past 12 years, and will be in a turnaround for a long time to come. There is never an opportune time to quit.”
Business Day
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July 20, 2007
CEO of problem-plagued SA Land Bank quits revolving door position
Categories South Africa
