End of an era as Eskom’s finance boss steps down

Eskom has officially reached the end of a 24-year chapter, with Group Chief Financial Officer Calib Cassim retiring after more than two decades at South Africa’s state-owned electricity utility.

Cassim’s retirement took effect on 31 October 2026, marking the end of a long career during which he witnessed some of Eskom’s most challenging financial and operational periods.

However, his departure will not be immediate in practical terms. Eskom confirmed that Cassim will continue serving as acting Group Chief Financial Officer until his successor is appointed and takes over.

The utility announced that his retirement concludes 24 years of service, during which he played an important role in strengthening Eskom’s financial position.

Cassim joined Eskom in 2002 as chief adviser for financial planning and regulation.

He was subsequently appointed general manager for financial planning and regulation in 2007, a position he held until 2017, when he became Group Chief Financial Officer.

He also served as acting Group Chief Executive for approximately one year between 2023 and 2024, following the departure of former Eskom CEO André de Ruyter.

He later returned to the CFO position under current Group Chief Executive Dan Marokane.

His career at Eskom therefore covered several leadership changes and a period of significant financial pressure, operational difficulties and efforts to restore the utility’s performance.

Cassim’s retirement comes at an important moment for Eskom.

The utility reported a second consecutive year of profitability for the financial year ended 31 March 2026.

Its profit after tax increased to R30.3 billion, more than double the R14 billion recorded in the previous financial year.

Revenue also increased to approximately R355 billion, while earnings before interest, tax, depreciation and amortisation reached R108.6 billion.

Eskom attributed its improved financial performance to better power station availability, cost reductions and reduced reliance on expensive diesel-powered generation.

The utility also reported an electricity availability factor of 65.16% for the year.

South Africa has also experienced a significant improvement in electricity supply, with Eskom reporting only four days of load shedding during the 2026 financial year.

These improvements form part of the broader operational and financial recovery that Eskom has been pursuing.

Eskom’s leadership credited improved operational performance and financial discipline for its return to profitability.

With Cassim’s retirement, Eskom’s board must complete the process of finding a permanent replacement.

The utility previously indicated that it wanted the incoming Group Chief Financial Officer to take office before the end of the 2026 calendar year.

Until that appointment becomes effective, Cassim will remain in an acting capacity to ensure continuity in Eskom’s financial management.

Eskom has thanked him for his contribution and service, saying his return to profitability as he concludes his tenure is a significant milestone.

His departure marks the end of a 24-year career at one of South Africa’s most important state-owned companies.

For Eskom, the immediate challenge is ensuring that the financial progress achieved during the past two years continues under a new finance chief.

Sources: End of a 24-year era for Eskom – Daily Investor

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