Geoffrey Qhena to step down after 13 years as IDC head

The longtime head of the Industrial Development Corporation, Geoffrey Qhena, is set to step down after 13 years as CEO. 

He will stay in his post until December 31, 2018, while the corporation's board searches for a new head.  

In a statement on Friday the IDC board said Qhena was its longest-serving CEO since the advent of democracy, and had played a "critical role in the development and success of the corporation". 

"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," said Qhena in a statement.

Economic Development Minister, Ebrahim Patel, said in a statement that Qhena had focused on the development of black industrialists and youth entrepreneurs. "He leaves the IDC in sound financial health". 

In late 2017 the IDC sued four firms linked to the Gupta family to recover R287.5m in debt and interest. 

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed. 
Subscribe to News24
Rand - Dollar
16.42
-1.4%
Rand - Pound
19.84
-1.0%
Rand - Euro
16.74
-0.7%
Rand - Aus dollar
11.54
-0.2%
Rand - Yen
0.12
-1.6%
Gold
1,775.09
-1.5%
Silver
20.23
-2.8%
Palladium
2,172.00
-2.5%
Platinum
937.00
-3.0%
Brent Crude
98.15
-1.5%
Top 40
64,055
+0.1%
All Share
70,770
+0.1%
Resource 10
63,403
-1.0%
Industrial 25
86,990
+0.5%
Financial 15
16,141
+0.5%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders