Land Bank CEO and director Phakamani Hadebe will vacate his position at the end of the year, the National Treasury has said.
Finance Minister Pravin Gordhan and Land Bank board chairman Ben Ngubane had confirmed that Hadebe would step down as CEO and director when his contract expired on December 3, Treasury said in a statement today.
Hadebe first joined the bank as acting CEO in July 2008 when he was seconded by Treasury.
This happened immediately after administrative powers entrusted by the Land and Agricultural Development Bank Act to the then agriculture and land affairs minister were transferred to the minister of finance.
Treasury said Hadebe had asked that his contract not be renewed. He had joined the bank at a time when its finances were in a perilous state because of mismanagement, fraud, and corruption.
His first task was to stabilise the bank’s finances and implement a turnaround strategy.
“This was achieved, and the Land Bank is today financially stronger and already plays its role in the development of the agricultural sector.”
Gordhan and the board thanked Hadebe for his “sterling” contribution in placing the bank on a more solid financial footing.
Hadebe’s position was advertised two weeks ago to allow a smooth handover to the new CEO before the end of his contract.