Industrial Development Corporation (IDC) CEO TP Nchocho has informed the board that he will be leaving when his fixed term-contract comes to an end on December 31.

In light of this, it has been agreed that it would be in the best interest of both the IDC and Nchocho that the board proceeds with identifying a successor to allow for a seamless transition.

Nchocho was appointed IDC CEO in January 2019, following his successful tenure in development finance institutions such as the Development Bank of Southern Africa and the Land Bank.

His tenure at the IDC saw him stabilise the entity and help it navigate the Covid-19 pandemic and related lockdowns, during which time the IDC was designated as an essential service.

He was also instrumental in availing the IDC to provide relief following the July 2021 unrest that destabilised numerous economic nodes in South Africa, as well as the 2022 floods that crippled some parts of the country.

After the outbreak of Covid-19, Nchocho pivoted the IDC from its strategic pathway to a transition plan to enable it to survive the pandemic. The immediate priority was to strengthen its solvency and stabilise its liquidity while still delivering on its development mandate.

In 2021, he led the repositioning of the organisation in the aftermath of the pandemic and put it back on track to deliver on its core mandate. These efforts saw increased acceleration and focus in 2022 to drive service delivery and performance.

“I know that I am leaving competent and capable teams that will propel the organisation forward to improve the lives of our people. Furthermore, my hope for 2023 and going forward is to see the IDC focusing very strongly on the consolidation of its long-term sustainability strategy,” Nchocho said on March 3.

“Nchocho has helped the organisation to confidently navigate one of the most tumultuous periods in the economy where uncertainty was the order of the day. The IDC remains a strong, sustainable and well-run organisation as a result of his commitment to service delivery,” IDC chairperson Busi Mabuza said.