IDC chief executive Geoffrey Qhena. Photo: Supplied

JOHANNESBURG – The Industrial Development Corporation (IDC) has announced the resignation of chief executive Geoffrey Qhena, closing the curtain on his illustrious career spanning two decades at the parastatal.

He was at the helm of the development finance institution for 13 years, making him the longest-serving chief executive.

Qhena has been credited with growing the IDC’s asset base from R31 billion in 2004 to R137bn, among other achievements. The IDC said its funding approvals also increased substantially during Qhena’s term of office, with a cumulative total of R149.1bn approved during the period. 

The IDC said the past five years had seen the highest levels of funding by a parastatal in any five-year period over the past 20 years.

Qhena said working for the IDC and being in a position to positively change the lives of many ordinary South Africans through the creation of jobs had been the greatest privilege of his career. “I am proud to have been given an opportunity to lead the 850 committed and hard-working IDC employees, in increasing the impact of the IDC in the economy,” he said. 

IDC board chairperson Busisiwe Mabuza said the IDC was a strong, sustainable and well-run organisation as a consequence of Qhena’s commitment and ethical leadership. She said Qhena had agreed to stay on until December 31 to ensure a “smooth transition”.

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- BUSINESS REPORT