Department of Public Enterprises
The public enterprises department and stakeholders are working around the clock to bring the South African Airways (SAA) Business Rescue Plan process closer to finalisation.
In a statement, the department confirmed that it is overseeing four phases.
The four phases include the “restructuring of the airline–including the implementation of Voluntary Severance Packages to employees; the appointment of non-executive directors and new management team; the selection and appointment of Transaction Advisors; and the formation of a customer-centric airline designed to be lean, technology capable, digitally modernised and agile to service all market segments”.
The department indicated that a “smaller, effective, reinforced, and empowered Board of Directors” will soon be appointed.
The Board of Directors will then appoint the airline’s new executive management including the Chief Risk Officer, Chief Information Officer and Chief Operating Officer.
The plan is to set up a new airline run in a professional and sustainable manner to support key economic sectors, including tourism, and entrench South Africa’s position as an African gateway to international markets.