Airports Company South Africa (ACSA) has appointed its former chief financial officer, Siphamandla Mthethwa, as its new chief executive officer, marking his return to the state-owned airport operator after about three years away.
Mthethwa will officially take up the position on 1 November 2026 after Cabinet approved his appointment on 23 September. ACSA announced the appointment on 25 September.
He will succeed Charles Shilowa, who has been serving as acting CEO since 1 July following the conclusion of former CEO Mpumi Mpofu’s fixed-term tenure.
Mthethwa is a qualified chartered accountant with experience in corporate finance, treasury management, strategic planning and risk management. Before joining ACSA, he held senior financial positions in sectors including telecommunications, banking and mining, including serving as CFO of Sentech.
A return to the company he helped steer through Covid-19
Mthethwa first joined ACSA as CFO in May 2020, at one of the most difficult points in the history of the aviation industry.
The Covid-19 pandemic and associated travel restrictions brought air travel to a near standstill, leaving airports with dramatically reduced passenger numbers and revenue while the costs of maintaining critical infrastructure and operations continued.
During his tenure as CFO, Mthethwa was responsible for helping manage ACSA’s funding and liquidity requirements as the company worked to maintain its financial sustainability.
ACSA’s 2022 integrated reporting recorded a R1.5 billion loss before tax for the financial year ended March 2022, compared with a R3.6 billion loss in the previous year. The company attributed the losses directly to the impact of Covid-19, which severely reduced both aeronautical and non-aeronautical revenue.
The company also implemented a R900 million capital and operational expenditure reduction programme during the crisis, while tighter cash management helped it manage liquidity pressures and limit borrowing.
Mthethwa left ACSA in 2023. The company confirmed at the time that he would leave his position as CFO at the end of May 2023.
ACSA says the company is now in a different position
ACSA board chairperson Irvin Phenyane said Mthethwa was returning to an organisation that had moved from crisis management into recovery and growth.
“Mthethwa returns not simply to the ACSA he left, but to an organisation that has survived an extraordinary crisis and is rebuilding from a position of renewed financial strength,” Phenyane said.
“The task ahead is to consolidate that recovery, strengthen operational excellence, invest in world-class airport infrastructure and position ACSA for sustainable growth.”
Phenyane said ACSA had demonstrated resilience over the past five years and that its next phase would focus on financial sustainability, operational performance, stakeholder trust and preparation for the future of aviation.
The board has also credited Mthethwa’s previous experience at ACSA, financial expertise and stakeholder management skills as important attributes for the next phase of the organisation.
From pandemic losses to renewed profitability
The appointment comes as ACSA’s financial position has improved significantly from the pandemic period.
The company reported a net profit of R1.1 billion for the financial year ended 31 March 2025, compared with R472 million in the previous financial year.
More recent reporting indicates that ACSA continued its recovery into the 2025/26 financial year, with revenue rising to R8.81 billion and net profit reaching about R1.20 billion.
The recovery has been supported by the return of passenger traffic as international and regional aviation rebounded from the pandemic.
However, the company still faces the challenge of ensuring that its infrastructure keeps pace with passenger demand while maintaining operational standards across its airport network.
A major infrastructure programme awaits the new CEO
One of the major issues that will land on Mthethwa’s desk is ACSA’s infrastructure investment programme.
The company has outlined a board-approved capital expenditure programme of about R15 billion for the 2027 to 2029 period, with the programme potentially growing to R37 billion by 2031.
The investment programme is expected to include work on airport infrastructure such as runways, jet-fuel pipelines and security technology.
This means Mthethwa will return to ACSA at a time when the organisation is not only rebuilding its financial position but also preparing for substantial investment in the country’s aviation infrastructure.
ACSA’s role in South Africa
Established in 1993, ACSA is responsible for owning, managing, operating and developing South Africa’s principal airports.
The company operates nine airports, including OR Tambo International Airport in Johannesburg, Cape Town International Airport and King Shaka International Airport in Durban.
The company is majority government-owned, making its leadership an important part of the country’s transport and infrastructure landscape.
Its airports are central to domestic and international passenger travel, tourism, trade and broader economic activity.
Leadership transition
Mthethwa’s appointment ends a period in which ACSA was led on an acting basis following Mpumi Mpofu’s departure.
Charles Shilowa took over as acting CEO from 1 July and will continue in the role until Mthethwa formally assumes the position on 1 November.
ACSA thanked Shilowa for providing continuity during the recruitment process, with Phenyane saying his leadership helped maintain stability during the transition.
Mthethwa now returns to an organisation he knows from the inside, but one that faces a different set of challenges from those he encountered when he first joined during the Covid-19 crisis.
His incoming tenure will include overseeing ACSA’s financial recovery, infrastructure investment, operational performance and the company’s longer-term response to changing passenger and aviation demands.
