The appointment of Land Bank boss Tshokolo Nchocho as the next CEO of the Industrial Development Corporation has been approved by Cabinet.
This after current IDC head Geoffrey Qhena announced his upcoming retirement in late August after 13 years at the helm. Nchocho is expected to take up the post in early 2019, after Qhena steps down in late December.
The IDC provides funding for industrial development and in 2017 approved R16.7bn in new investments.
Minister of Economic Development Ebrahim Patel said in a statement he was looking forward to working with Nchocho, noting he had worked in leadership roles at two of South Africa’s other large development finance institutions, namely the Development Bank of Southern Africa and the Land Bank.
According to the ministry of Economic Development, Nchocho holds a B.Com from the University of the North, a Master of Business Leadership from Unisa and a Masters degree in Development Finance from the University of London. He has also completed an Advanced Management Programme from Harvard Business School.