S.Africa's Transnet freight rail CEO resigns

The head of South Africa's Transnet freight rail unit Sizakele Mzimela on Thursday confirmed her resignation from the state-owned logistics firm, days after the group CEO also announced plans to step down. Whether you align or you don't align," Mzimela said after her presentation at a mining conference in Johannesburg. Mzimela's resignation follows last Friday's announcement that Transnet group CEO Portia Derby would leave at the end of October.

The head of South Africa's Transnet freight rail unit Sizakele Mzimela on Thursday confirmed her resignation from the state-owned logistics firm, days after the group CEO also announced plans to step down. "It's a personal choice at the end of the day. When things change, you decide whether you fit in or don't fit in. Whether you align or you don't align," Mzimela said after her presentation at a mining conference in Johannesburg.

Mzimela's resignation follows last Friday's announcement that Transnet group CEO Portia Derby would leave at the end of October. Another executive, CFO Nonkululeko Dlamini, also left last week to join South African telecoms company Telkom. Transnet's management has been under pressure from miners, industry bodies and labour unions over the deteriorating performance of the freight rail utility.

The mining industry in particular has been hurt by Transnet's underperformance, which has cost mineral exporters billions of rand in potential revenue. Transnet's flagship freight rail service has struggled due to the shortage of locomotives and spares as well as cable theft and vandalism of its infrastructure.

The Transnet group slumped to a 5.7 billion rand loss in the year ended March 31.

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