Eskom CEO André de Ruyter has resigned

Eskom CEO André de Ruyter

Eskom CEO André de Ruyter has resigned, according to two people with knowledge of the decision, who spoke on condition of anonymity because they aren’t authorised to comment.

De Ruyter’s resignation, if accepted, will leave the beleaguered company without a leader amid record blackouts and before the announcement of a solution to tackle its massive debt burden.

De Ruyter declined to comment.

Eskom’s board will issue a statement later on Wednesday, public enterprises minister Pravin Gordhan said, declining to comment further.

Eskom spokesman Sikonathi Mantshantsa didn’t respond to calls and text messages seeking comment.

The rand gave up some gains after reports of the decision and was 0.3% stronger at R17.18/US$ by 4.20pm. Yields on Eskom bonds due in 2028 without a government guarantee reversed an earlier drop, to rise two basis points from their closing levels to 11.2%. Yields on the company’s dollar debt due 2025 climbed seven basis points to 11.4%. — Paul Burkhardt, Prinesha Naidoo and Paul Vecchiatto, with Monique Vanek, Colleen Goko and Loni Prinsloo, (c) 2022 Bloomberg LP