Overview
- SAA, which saw CEO John Lamola and three non‑executive directors quit Friday, now faces a leadership vacuum.
- The board appointed Matshela Seshibe, head of SAA’s catering arm Air Chefs, as acting group CEO, drawing criticism over his lack of airline experience and past governance concerns reported at Daybreak Farms.
- The Auditor‑General issued a disclaimed opinion on the 2024/25 accounts, flagged R505 million in irregular spending, cited IFRS 15 errors at SAA Technical, and reported an EBITDA loss of R433 million against a targeted gain.
- Claims of profit relied on a once‑off net gain of about R1.169 billion from selling a Heathrow slot and a roughly R1 billion state capital injection via new shares, while the core operation showed a baseline loss.
- Pilots scheduled meetings Monday with human resources and the acting CEO following Friday’s news, with their association warning of stress inside the airline and calling out heavy headwinds.