BPC CEO finally steps down, confirmed
Finally, the Botswana Power Corporation (BPC) has released a statement confirming that its CEO Dr. Stefan Schwarzfischer resigned from his role at the corporation and will depart in March, a matter that the management team vehemently denied for some time.
Botswana Guardian, having reliable information wrote in its February 22nd edition that Schwarzfischer has resigned, but the revelation attracted a series of denials that included paid advertisement denying that the German national had called it quits. However, the BPC board chairman, Bonny Thebenyane has ended the arguments through an official press release, confirming Schwarzfischer's departure and that the Chief Financial Officer, Cross Kgosietsile will hold the fort in acting capacity.
“The board wishes to announce that Schwartzfischer will part ways with the corporation at the end of its 2018/19 financial year to pursue other opportunities. Further, that Dr. Schwartzfischer has partnered the Corporation with local communities across Botswana on various initiatives that gave mileage to the BPC brand, including a number of corporate social responsibility projects that he took to heart.”
Schwarzfischer becomes the second member of the executive management to leave the company following the alleged forced resignation of General Manager for Human Resources, Kamogelo Chiusiwa. Schwarzfischer’s management will be remembered for the roadmap it set for itself to transform BPC into a profitable and leading power utility in the region by 2020 under the strategy known as Masa 2020. To achieve this the management started with an internal restructuring exercise in 2015 to improve efficiency and productivity.
Last year Schwarzfischer announced that BPC made its first profit in ten years, highlighting that they have performed above expectation. BPC’s financial report indicated that the corporation’s operating income grew by 34 percent which stood at P138 604 million in the 2018 financial year against P103 544 million recorded in 2017.
Schwarzfischer leaves at a time when BPC is still to resolve the issue of Jonathan Raheem Hosseini, the Chief Operations Officer (COO) who was tipped to be the next chief executive, but was dismissed controversially on 28th August 2018. It appeared there was more than meets the eye in the way Hosseini was fired as he was originally cleared from all the six charges he faced. The procedure was conducted by an independent Disciplinary Panel composed of professionals and constituted by the BPC Board.
The matter between the two has been dragging since early 2018. At some stage BPC suspended Hosseini pending investigation and hired Deloitte to do a forensic audit. Deloitte completed its assignment and handed over its findings to the Board.