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Press Releases 2018

IDC board announces the appointment of Mr Tshokolo Nchocho as its new Chief Executive Officer

The Board of the Industrial Development Corporation (IDC) is pleased to announce that the Cabinet, at its meeting of 5 December 2018, approved the recommendation of the Board of the IDC to appoint Mr Tshokolo Nchocho as the CEO of the Industrial Development Corporation. Mr Tshokolo Nchocho has both academic qualifications and extensive experience in development finance and banking.

He holds a B Com from the University of the North, a Master of Business Leadership from UNISA and a Masters degree in Development Finance from the University of London; and an Advanced Management Programme from the Harvard Business School. His experience in development finance and banking stretches over a 28-year period, including a lengthy period at the Development Bank of Southern Africa and as the CEO of the Land Bank.

The Board is finalising Mr Nchocho’s commencement date at the IDC and an announcement in this regard will be made shortly. The current CEO, Mr Geoffrey Qhena, has served for almost 20 years as an official of the IDC, of which 13 years has been as CEO of the Corporation. His term of office ends on 31 December 2018 following his decision to step down as announced in August this year. Under his watch, investment in green energy has increased significantly and the IDC introduced its black industrialists programme. Cabinet notes the progress made in the past five years, where IDC investment commitments totalled R72 billion, an increase of 30% compared to the previous corresponding period.

These investments in turn attracted a large level of private sector investments, bringing the investment level to R176 billion and creating or saving 105 822 direct jobs. Cabinet extended its appreciation to Mr Qhena and wished him well in his future endeavors.

For more information contact:

Zama Luthuli: 011 269 3000

Email : Zamal@idc.co.za

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