Financially troubled Edcon said earlier this month it had secured R2,7 billion in new cash and rent deductions as part of a recapitalisation plan, a development expected to save thousands of jobs.

READ MORE: Introducing the BMF’s new president

“Coming at such a critical time of the group – when most organisations would have opted for the ‘familiar’ and the more of the same – Edcon’s decision, in the group’s own words, affirms Mr Mthunzi’s wealth of experience and an illustrious career,” BMF President Andile Nomlala said in a statement.

“This appointment serves as a touchstone of value at a time when some in our society appear to cast doubts over the moral compass and competence of black executives in South Africa.”

– African News Agency