SOUTH AFRICA — Eskom has confirmed the retirement of its Group Chief Financial Officer, Calib Cassim, effective 31 October 2026, bringing the curtain down on 24 years of service to the South African power utility. Cassim will, however, remain in the finance hot seat in an acting capacity while Eskom finalises the appointment of his permanent replacement.
The utility confirmed the development in a statement issued on Saturday, saying the retirement had already been flagged to the market more than a year earlier through an announcement on the Stock Exchange News Service (SENS) on 1 October 2025.
Acting role to ensure a smooth handover
Eskom said the decision to keep Cassim on in an interim role was aimed at protecting continuity in its finance function during the handover period.
“To ensure a smooth transition, Mr Cassim will continue to serve in an acting GCFO capacity until the appointment of his successor becomes effective,” the utility said.
That arrangement means Cassim, while formally retired from the Group Chief Financial Officer post, will continue to carry the responsibilities of the role until a new appointment takes effect — a common approach in large state-owned entities where the finance portfolio is closely scrutinised by lenders, regulators and the National Treasury.
Return to profitability caps long tenure
In its statement, Eskom credited Cassim with playing a key role in strengthening the utility’s financial position and advancing its long-term sustainability — a significant endorsement given the balance-sheet strain the organisation has carried through years of debt pressure, operational underperformance and restructuring.
The utility described its return to profitability, coinciding with the end of Cassim’s tenure, as “a fitting milestone” that reflects his contribution to the company over more than two decades.
Eskom’s Board and Executive Management thanked Cassim for his dedicated service, wishing him well as he enters retirement while continuing to support the organisation in an acting capacity until a new appointment is made.
Successor announcement still to come
Eskom did not name a successor or set a timeline for the appointment, saying only that it would provide updates on the new Group Chief Financial Officer in due course.
The finance leadership transition lands at a sensitive moment for the utility, which has been working to consolidate its financial recovery while navigating ongoing operational and structural reforms in South Africa’s electricity sector. The identity of the incoming GCFO — and how quickly the post is filled on a permanent basis — will be closely watched by investors and bondholders tracking Eskom’s turnaround.
Cassim’s exit closes out a 24-year run at the utility, a period that spanned some of the most turbulent years in its history and, most recently, its shift back into the black.
