Eskom CFO Calib Cassim Retires After Guiding Utility to Profitability

Longstanding CFO Steps Down After Decades of Service

Eskom has announced the retirement of Group Chief Financial Officer Calib Cassim, marking the end of a more than two-decade tenure at the heart of South Africa’s primary power utility. Cassim’s retirement comes at a significant juncture for Eskom, as the utility has recently posted a second consecutive year of profitability.

The company confirmed that Cassim formally retired as GCFO last week, a decision earlier announced on SENS in October 2025. This concludes 24 years of service to Eskom, with Cassim recognised for his pivotal role in stabilising the utility’s finances and contributing to its wider turnaround strategy.

Financial Turnaround and Stabilisation

In September 2026, Eskom declared its second profitable year in succession. This achievement is seen as a result of stronger operational performance, tighter cost controls, and enhanced energy securitya notable departure from prior years of fiscal challenges and energy instability.

Company executives have attributed this financial shift to a strategy that moves Eskom from ongoing crisis management towards an orientation focused on long-term sustainability. Cassim’s leadership in the finance department is widely regarded as instrumental in these recent successes, contributing to a strengthened financial posture for the state-owned enterprise.

Smooth Transition Amid Leadership Changes

To maintain organisational stability, Eskom has confirmed that Cassim will remain active in a caretaker capacity as acting GCFO until a permanent successor is appointed. The utility stated:

“Mr Cassim played a key role in strengthening Eskom’s financial position and advancing the organisation’s long-term sustainability. Eskom’s return to profitability as he concludes his tenure is a fitting milestone and reflects his significant contribution to the company over more than two decades.”

The Eskom Board and executive management have expressed their gratitude for Cassim’s dedicated service and valuable contribution to the organisation. The process for appointing a new Group Chief Financial Officer is underway, with further updates to be provided in due course.

Elections Assured of Uninterrupted Power

In the wake of Cassim’s departure, Eskom has also provided reassurances to South Africans regarding electricity supply during the upcoming local government elections. The utility noted that the country has now enjoyed 532 consecutive days free from load sheddinga record in recent years.

Power System Performance Reaches New Highs

Eskom reports that its Energy Availability Factor (EAF) has risen to 68.15%, the highest level to be achieved in six years. The improvement is attributed to continued recovery efforts, which have successfully restored 6 439MW of generation capacity since the introduction of the Generation Recovery Plan.

Cost-efficiency measures have also contributed to the turnaround. Eskom has reduced its diesel consumption costs by R4.81 billion compared to the same period in the previous year. The utility has managed to reduce load reduction by 88.6%, and approximately 1.5 million customers have been restored to normal electricity supply. Currently, seven provinces have been declared free of load reduction initiatives.

Operational Readiness for Election Day

The utility has implemented robust monitoring and operational plans to ensure a reliable electricity supply throughout the election period. Enhanced readiness is seen as critical for the smooth conduct of elections, and Eskom’s recent performance provides added assurance for the public and electoral authorities alike.

The Road Ahead for Eskom

Cassim’s retirement marks the end of an era at Eskom, one that has seen the company navigate historic challenges and emerge with renewed fiscal and operational strength. The strategies implemented under his financial stewardship are expected to lay the groundwork for further improvements as Eskom continues to consolidate its recovery.

While uncertainty often accompanies changes in senior leadership, Eskom’s commitment to stabilityunderscored by its current operational achievements and transition planningoffers reassurance that the utility remains focused on delivering reliable service to millions of South Africans.

The retirement of Calib Cassim, following over two decades of service and a return to profitability for Eskom, signals a significant milestone for the state-owned power utility. With ongoing improvements to the national power system and commitments to service reliability during major national events such as the elections, Eskom enters its next chapter with cautious optimism.