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Transnet Pins Recovery Hopes On Newly Appointed CEO Michelle Phillips

State-owned company Transnet has pinned its hopes of recovery on Michelle Phillips following her appointment as group CEO.

Phillips was finally named the head of the embattled logistics company on Wednesday, after acting in the same position for almost half a year.

She takes over the business at the height of its financial and operational challenges.

The last group CEO, Portia Derby, faced harsh criticism at the end of her three-year stint in the position.

She was accused of running Transnet into the ground, with challenges in the rails division costing the economy billions of rands.

After she was allegedly pushed to resign in September, Phillips took over.

The Department of Public Enterprises said since then, Transnet saw some improvements in the performance of both ports and rails.

“Michelle has over 20 years of experience in Transnet in various roles, and she knows what it takes to turn the business around,” said the Department of Public Enterprises spokesperson Ellis Mnyandu.

Nosipho Maphumulo has been appointed the group CFO.

With both key positions filled, Transnet’s turnaround strategy will now be under sharp focus.