Johannesburg - South Africa’s former finance minister, Nhlanhla Nene, who was unceremoniously sacked by President Jacob Zuma last December, has been appointed as a resident advisor to Thebe Investment Corporation.
This appointment comes a day after he was awarded an honorary doctorate by the Mangosuthu University of Technology in Durban and asset management group Allan Gray appointed him as a non-executive director earlier this week.
In a statement issued by Vusi Khanyile, Thebe chairman, he said Nene’s appointment would run for two years from May. Nene will continue with his role at Allan Gray, says Khanyile.
Read also: Nene awarded honorary doctorate
Thebe’s chairman explains the company needs Nene’s expertise because it “is on a growth path that requires significant financial resources and key skills in order to execute its strategy and plans”.
The former finance minister will support the company and the executive team as they roll out these plans, he says.
“ This will include assisting the company to develop and roll-out a strategic engagement agenda and framework that will assist Thebe to properly position and equip itself for growth, whilst fully understanding the broader societal agenda for development and nation building in line with the Thebe philosophy.
“We believe that Nene's immense skills will be most valuable to Thebe at this time. We are pleased, as the Thebe team, to welcome him on board. We trust that this role will enable him to make the contribution that we believe he is capable of making, whilst he realises his own professional aspirations.”
Read also: Allan Gray banking on Nene’s experience
Nene was unceremoniously sacked by Zuma last December and replaced by relative unknown lawmaker David (Des) van Rooyen. At the time, Zuma said he would be appointed to the BRICS bank, but this never happened. His axing cost the markets billions and saw the rand plunge.
Yet, his expertise is clearly valued as Allan Gray also picked Nene for his extensive experience in the financial services and public sector.
“We are very happy to have someone of Nene's experience on our board... We are looking forward to his strategic and leadership contribution to the board,” Allan Gray board chairman Ian Liddle said in a statement.
Nene’s was awarded because of his “expertise and contribution in the finance field in the public and private sector,” said Gona Govender, the university’s Dean of Management Sciences.
IOL