Nchocho appointed to replace Qhena as IDC head
Cabinet has approved the appointment of Tshokolo (TP) Nchocho as Industrial Development Corporation (IDC) CEO on a five-year contract, effective early 2019.
Nchocho has multiple master’s degrees and more than 28 years’ experience in development finance and banking, including 13 years at the Development Bank of Southern Africa and almost four years at the Land and Agricultural Development Bank of South Africa.
His appointment follows a detailed selection process, including the constitution of a board subcommittee to consider the CEO vacancy and the appointment of an executive search firm to assist in identifying candidates for shortlisting.
Outgoing CEO Geoffrey Qhena served for almost 20 years as an official of the IDC and was CEO for the last 13 years.
Highlights from his term included funding the programme for renewable energy and the investment in the country’s first new light passenger vehicle plant in Coega, in the Eastern Cape.
“Under Geoffrey’s leadership, the IDC consolidated its position as the country’s largest development finance institute and introduced its black industrialists programme. Geoffrey worked closely with the [Economic Development] Ministry and the IDC board to expand the level of industrial funding, with special measures to boost lending to youth entrepreneurs and women-empowered enterprises,” Economic Development Minister Ebrahim Patel said in a statement.
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