Cabinet on Wednesday approved the appointment of Tshokolo (TP) Nchocho as Industrial Development Corporation (IDC) CEO on a five-year contract, effective early in 2019.

Nchocho has multiple Masters degrees and more than 28 years’ experience in development finance and banking, including 13 years at the Development Bank of Southern Africa and almost four years at the Land and Agricultural Development Bank of South Africa.

His appointment follows a detailed selection process, including the constitution of a board subcommittee to consider the CEO vacancy and the appointment of an executive search firm to assist with identifying candidates for shortlisting.

Outgoing CEO Geoffrey Qhena had served for almost 20 years as an official of the IDC, with 13 of those as CEO.

Highlights from his term included funding the programme for renewable energy and the investment in the country’s first new light passenger vehicle plant, in Coega, in the Eastern Cape.

“Under Geoffrey’s leadership, the IDC consolidated its position as the country’s largest development finance institute (DFI) and introduced its black industrialists programme. Geoffrey worked closely with the [Economic Development] Ministry and the IDC board to expand the level of industrial funding, with special measures to boost lending to youth entrepreneurs and women-empowered enterprises," Economic Development Minister Ebrahim Patel said in a statement.

“I look forward to working with TP in expanding and deepening the IDC investment impact and look forward to the contribution he will bring to the position, having worked in leadership roles in two of South Africa’s other large DFIs,” Patel added.