Johannesburg – Former minister of finance Tito Mboweni has resigned from parliament, almost six months after he was removed from the national executive in President Cyril Ramaphosa’s past cabinet reshuffle.
In his political career, Mboweni served as the eighth Governor of the South African Reserve Bank (SARS) and the first Black South African to hold the post. He was sworn in as Minister of Finance in October 2018, following Nhlanhla Nene’s resignation.
Mboweni submitted his resignation letter bidding farewell to the public office as an African National Congress Member of the National Assembly on Monday.
Hours after the close of his political career was confirmed, Mboweni has been appointed as chairman and independent non-executive director of Accelerate, a property fund company.
It is true that I have informed the Speaker of the National Assembly that I am leaving Parliament. Surely that cannot be Breaking News. Really now? Going back to the private sector. No interviews please. pic.twitter.com/B5Vumq0mWq
— Tito Mboweni (@tito_mboweni) January 31, 2022
It has been a long journey. Sometimes very lonely! pic.twitter.com/sojkTV4TJw
— Tito Mboweni (@tito_mboweni) January 30, 2022
“Mr TJ Fearnhead will step down as Chairman on the same date, due to the appointment of Mr Mboweni. The board of directors (“Board”) of Accelerate would like to thank Mr Fearnhead for the many years of service and dedication to Accelerate acting on numerous committees including chairing the Audit and Risk Committee from the time of listing on the JSE and then thereafter the Board,” the statement from the company read in part.
Mboweni will also chair the company’s nomination committee and be a member of the remuneration committee. The announcement of Mboweni’s appointment comes a day after parliament spokesperson Moloto Mothapo on Monday said Mboweni handed in his resignation as an MP. Before being appointed as finance minister by President Cyril Ramaphosa in October 2018, Mboweni served on the boards of several companies including Discovery.
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