South African Airways requests urgent state funding as it appoints interim CEO

South African Airways appointed its head of operations as acting chief executive on Friday and said it needs 4b rand ($265m) from the government to survive the current financial year. Zukisa Ramasia becomes interim CEO after Vuyani Jarana unexpectedly resigned last week after less than two years in the job, saying his turnaround strategy was being undermined by a lack of state funding and too much bureaucracy. The revolving door at state-owned enterprises highlights the mammoth task South African President Cyril Ramaphosa faces to fulfil his promise of reforming state firms and weaning them off government support. Ramasia, who has more than 25-years experience in aviation, will start her new role on Monday after Jarana indicated that he will no longer serve a notice period. SAA has started searching locally and globally for a permanent CEO to stabilise the airline and oversee the implementation of the long-term turnaround strategy, board member Thandeka Mgoduso said. SAA has not made a profit since 2011 and Jarana launched a revised five-year turnaround plan that includes slashing costs and cancelling unprofitable routes, requiring around 21.7b in cash injections from the government. Board member Martin Kingston said the new cash injection it seeks will enable the airline to finalise outstanding financial statements and enable it to continue operating until the 2021/22 financial year, when it expects to make a profit.<br/>