Geoffrey Qhena to step down after 13 years as IDC head

The longtime head of the Industrial Development Corporation, Geoffrey Qhena, is set to step down after 13 years as CEO. 

He will stay in his post until December 31, 2018, while the corporation's board searches for a new head.  

In a statement on Friday the IDC board said Qhena was its longest-serving CEO since the advent of democracy, and had played a "critical role in the development and success of the corporation". 

"Working for the Industrial Development Corporation, and being in a position to positively change the lives of many ordinary South Africans through the creation of jobs, has been the greatest privilege of my career," said Qhena in a statement.

Economic Development Minister, Ebrahim Patel, said in a statement that Qhena had focused on the development of black industrialists and youth entrepreneurs. "He leaves the IDC in sound financial health". 

In late 2017 the IDC sued four firms linked to the Gupta family to recover R287.5m in debt and interest. 

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