JOHANNESBURG, March 15 – The Black Management Forum has cheered retail group Edcon’s decision to appoint Mncane Mthunzi as its chief operating officer.
Financially troubled Edcon said earlier this month it had secured R2.7 billion in new cash and rent deductions as part of a recapitalisation plan, a development expected to save thousands of jobs.
“Coming at such a critical time of the group – when most organisations would have opted for the ‘familiar’ and the more of the same – Edcon’s decision, in the group’s own words, affirms Mr. Mthunzi’s wealth of experience and an illustrious career,” BMF president Andile Nomlala said in a statement.
“This appointment serves as a touchstone of value at a time when some in our society appear to cast doubts over the moral compass and competence of black executives in South Africa. (ANA)