Geoffrey Qhena quits as IDC chief executive

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JOHANNESBURG, August 31 – The Industrial Development Corporation (IDC) on Friday announced the resignation of its longest-service chief executive, Geoffrey Qhena.

“It is with a mix of sadness and gratitude that the board of directors announces the resignation of the chief executive of the Industrial Development Corporation, Mr Geoffrey Qhena, following a 13-year period at the helm.

“Mr Qhena has been with the Corporation for almost 20 years. Mr Qhena, the longest-serving CEO of the IDC since the advent of democracy, has played a critical role in the development and success of the Corporation and its positioning into one of the leading development finance institutions in the country and the rest of Africa.”

Qhena said that he was proud to have been given an opportunity to lead the 850 committed and hardworking IDC employees, in increasing the impact of the IDC in the economy.

“Working for the Industrial Development Corporation and being in a position to positively change the lives of many ordinary South Africans through the creation of jobs has been the greatest privilege of my career,” Qhena said.

The IDC said that Qhena has agreed to stay until 31 December 2018 to ensure a smooth transition while immediately commencing with the search for a new chief executive. The board will continue to engage with him should the process to find his replacement not be concluded in the indicated time.

The mandate of the IDC, the government’s development finance institution, is to develop domestic industrial capacity, specifically in manufactured goods, with financial assistance.

– African News Agency (ANA)