SA7700 From South Africa, joined Dec 2003, 3431 posts, RR: 16
Reply 2, posted (11 years 9 months 4 weeks 1 day 14 hours ago) and read 4394 times:
There are no comments thus far, only speculation.
IMMHO it may be political. Government was not all too happy about the hedging losses SAA made. Then again, who would really have thought that the ZAR (South African Rand) would appreciate this much in the past year?
When you are doing stuff that nobody has done before, there is no manual – Kevin McCloud (Grand Designs)
Planenutz From , joined Dec 1969, posts, RR:
Reply 4, posted (11 years 9 months 4 weeks 1 day 13 hours ago) and read 4363 times:
It appears that the hedging issue is what prompted his departure.
From The Indepentant Online:
Viljoen resigns from helm of SAA
July 06 2004 at 12:33AM
South African Airways president and chief executive officer Andre Viljoen has resigned - although his contract had been due to end only in 2006.
Viljoen's resignation would be effective from August 31, the SAA board said on Monday.
Acting board chairperson Tshidi Mokgabudi said: "Mr Oyama Mabandla, currently Deputy CEO, has been appointed acting chief executive from September 1, 2004."
Mabandla was appointed last year after a restructuring of SAA's management. He was expected to take over from Viljoen when his contract ended.
Mokgabudi gave no reasons for the resignation of Viljoen, who replaced Coleman Andrews as CEO in 2001.
SAA spokesperson Onkgopotse JJ Tabane said that Viljoen had been contracted to the airline until 2006.
There was speculation Viljoen would have to step down early as CEO after the heavy losses SAA suffered in a R6-billion hedging loss.
The loss was revealed in SAA's 2002/2003 financial results and saw the government having to issue a R3,5-billion guarantee to lenders.
However, at the time it was SAA chief financial officer Richard Forson who was the fall guy, resigning suddenly in October 2003.
Democratic Alliance spokesperson for public works Ian Davidson said: "It will be a great loss to SAA. He was at the helm when SAA was turned around from a loss maker to - although still a loss maker because of the hedging offers - at least an operationally profitable airline." - Sapa