South Africa’s state-owned power utility Eskom has announced that Group Chief Financial Officer Calib Cassim will retire during the financial year ending in March 2027, bringing an end to his 24-year career with the company.
Cassim, who also served as Eskom’s acting Group Chief Executive for about a year, has been closely involved in the utility’s efforts to restore its financial position and improve operational performance after years of losses, worsening debt and severe electricity shortages.
His departure comes as Eskom reports a stronger financial and operational performance. The utility recorded a second consecutive annual profit, with net income rising to 30.3 billion rand ($1.9 billion) in the year ended March, compared with 14 billion rand the previous year.
Eskom has also made significant progress in reducing power cuts. Rolling blackouts were implemented on only four days during the latest financial year, compared with 329 days in 2024, reflecting improvements in the reliability of the utility’s ageing generation fleet.
Cassim said he was confident that Eskom’s recovery would continue under the current leadership and that his successor would build on the progress already achieved. He said he intended to step back and watch the utility continue its recovery.
Despite the improved results, Eskom still faces major financial challenges. Its gross debt rose to 356 billion rand at the end of March, while unpaid municipal electricity bills increased to 111.6 billion rand. Eskom has warned that municipal debt could continue rising sharply unless the problem is addressed.
The utility’s board has begun the process of finding Cassim’s replacement and aims to appoint a new chief financial officer before the end of 2026. His retirement comes at a crucial stage as Eskom moves from stabilising its operations toward longer-term financial sustainability, infrastructure investment and expansion of the electricity grid.
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