Eskom CFO Cassim retires after steering utility back into the black

Calib Cassim during Eskom’s annual financial results presentation in November 2018, Johannesburg, South Africa. Photo: Gallo Images/Business Day/Freddy Mavunda

Eskom’s return to profitability has coincided with the retirement of Group Chief Financial Officer Calib Cassim, who is stepping down after more than two decades at the power utility and a pivotal role in its financial recovery.

The utility announced that Cassim retired as Group Chief Financial Officer (GCFO) last week, as announced on SENS on 1 October 2025, concluding 24 years of service to Eskom.

In September 2026, Eskom posted its second consecutive profitable year, signalling a deepening turnaround built on stronger operations, tighter cost control and improved energy security.

Executives said this shift is transforming the utility from crisis management to long‑term sustainability.

Eskom said that, to ensure a smooth transition, Cassim will continue to serve in an acting GCFO capacity until his successor’s appointment takes effect.

“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 thank Mr Cassim for his dedicated service and valuable contribution to Eskom and wish him well as he enters retirement, while continuing to support Eskom in an acting capacity until a new appointment is made,” Eskom said.

Eskom said it will provide updates on the appointment of a new Group Chief Financial Officer in due course.

Meanwhile, Eskom has assured South Africans that the lights will stay on during the upcoming local government elections, as the country marks 532 consecutive days without load shedding and the utility reports its strongest power system performance in years.

The power utility said its Energy Availability Factor has climbed to 68.15%, the highest in six years, with 6 439MW of generation capacity recovered since launching its Generation Recovery Plan.

Eskom has also slashed diesel spending by R4.81 billion compared with the same period last year and reduced load reduction by 88.6%. About 1.5 million customers have been restored to normal supply, while seven provinces are now free from load reduction.

Eskom said enhanced monitoring and operational plans are in place to ensure a reliable electricity supply throughout the election period.

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