Air Transport World

South African Airways.(Africa/Middle East)(Brief Article)

Africa's biggest carrier still is trying to sort out the effects of a 7 billion rand ($1.02 billion) foreign-exchange hedging loss during the previous financial year that prompted a balance-sheet probe within its quasi-state-owned parent company Transnet, which was recapitalized March 31. The loss overshadowed SAA's operating profit of 446 million rand ($67.2 million) in 2002-03.

As part of the fallout from the financial turbulence, the company last November restructured its upper management, with President and CEO Andre Viljoen temporarily filling in as CFO for Richard For-son. who resigned abruptly in October. Chairman Don Neube and Viljoen announced a new leadership team for the embattled airline that includes six executive VPs and for the first time a deputy CEO, Andile Mabizela. …

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