New Denel director

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An announcement by troubled Denel to the Johannesburg Stock Exchange (JSE) sees one of five current vacancies on its board filled.

According to the two sentence statement “Tshidi Makgabudi” was named an interim non-executive board member and interim chair of the Denel audit committee effective 25 June.

Her appointment was made in terms of the handbook for the appointment of persons to boards of state and state controlled institutions issued by the Cabinet in January 2009.

“Denel is confident through her skills and experience she will provide the necessary support and guidance to the Board,” it ends.

A search brought to light there is no such person. It appears an incorrect spelling of the newest Denel board member was either supplied to the JSE or the financial institution has it wrong.

Tshidi Mokgabudi is, according to the South African branch of the International Women’s Forum (IWF), a member of the KMPG policy board as well as a member of the financial services group’s executive committee. Her career includes stints on the Financial Services Board, non-executive director of the Reserve Bank, chair of government’s Water Affairs Committee as well as a stint as acting chair of beleaguered SAA.

Her “wealth” of audit and business experience includes Gautrain, Autonet and State IT Divisions, Department of Welfare, Department of Trade and Industry (now Department of Trade, Industry and Competition), Gauteng and Mpumalanga provincial governments, Agricultural Research Council, Royal Bafokeng Administration, Department of Water Affairs, CCMA,  Telkom, SAPO, Northern Province District Council, FOSKOR and DACST.

Denel confirmed the correct spelling of the new director’s name is “Mokgabudi”.

State-owned Denel has this year seen an exodus of directors and senior personnel as it continues to battle for survival, in addition to paying employees full salaries and benefits. Directors who left include board chair Monhla Hlahla, former SA National Defence Force (SANDF) chief and past Minister of Communications Siphiwe Nyanda, Kabelo Lehloenya, Sibusiso Sibisi, Nonzukiso Siyotula and Sue Rabkin.