End of a 24-year era for Eskom

Eskom has announced that its CFO, Calib Cassim, is retiring on 31 October, ending his 24-year career at the utility. 

Cassim’s retirement date was first revealed when the company presented its annual financial results for the 2026 financial year in August 2026. 

The utility said Cassim would retire in the coming year, with his planned retirement coming with a hefty boost to his remuneration package. 

In a statement on 31 October, Eskom confirmed Cassim’s retirement and said he would serve in an acting capacity until the appointment of his successor. 

Cassim has played an important role in Eskom’s turnaround in recent years and the utility’s return to profitability. 

“Mr Cassim played a key role in strengthening Eskom’s financial position and advancing the organisation’s long-term sustainability,” the utility’s board said in the statement.

“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 utility’s board and its management team thanked Cassim for his service to Eskom and wished him well as he enters retirement. 

It said an update will be provided in due course regarding the appointment of a new Group CFO. 

Cassim’s career at Eskom started as an advisor in the financial planning and regulation team in 2002. 

He graduated with a Bachelor of Commerce from the University of Natal, and holds a Bachelor of Accounting Sciences from the University of South Africa. 

Cassim is a qualified chartered accountant and served as a financial manager in Standard Bank’s credit card division before joining Eskom. 

Climbing the ranks in Eskom’s financial department, Cassim became a general manager for financial planning and regulation a few years after joining the utility. 

In this role, he became the main strategist behind Eskom’s electricity tariff applications to the National Energy Regulator of South Africa. 

This required Cassim to balance the need to ramp up investment in new generation capacity against South Africans’ ability to pay. 

As Eskom lost skilled staff during the Zuma administration, those willing to take responsibility quickly rose through the ranks. 

Cassim was appointed CFO in 2017 to right Eskom’s sinking financial ship and set about halting dodgy contracts and ending state capture on top of the normal duties of his office. 

Cassim also had to navigate debt negotiations with the state and pressure to make sure Eskom could be unbundled in an orderly fashion. 

Things only became more difficult when Cassim was thrust into the CEO role in 2023 after Andre de Ruyter’s sudden resignation. 

This lasted a year, after which he was replaced by current CEO Marokane, with whom Cassim has led the turnaround of Eskom. 

Speaking about his retirement in August 2026, Cassim said he looks forward to watching Eskom succeed from the sidelines.