John Lamola Resigns as CEO of SAA, Amid Scrutiny of Financial Disclosures

By Garth Calitz

South African Airways (SAA) has announced that its Group Chief Executive Officer, Professor John Lamola, will resign effective at the end of April 2026. This decision was confirmed after a Board meeting, with Barbara Creecy, acting as the shareholder representative, formally accepting Lamola’s resignation in conjunction with the airline’s Board. Professor Lamola will leave the airline after nearly four years, having initially joined SAA in July 2021 as a Non-Executive Director and Chairperson before being appointed CEO in May 2022.

His tenure coincided with a critical phase in SAA’s history, as the airline emerged from business rescue and worked to rebuild operations in the aftermath of the COVID-19 pandemic. In this period, the airline expanded its fleet from five aircraft at relaunch to 19, while growing its route network from six to 17 destinations. This included the return of intercontinental routes such as São Paulo and Perth, alongside the expansion of regional and domestic services.

SAA Board Chairperson Sedzani Mudau, unsurprisingly, gave Lamola a big thumbs-up for getting "the airline back on track". “Professor Lamola has played a pivotal role in rebuilding South African Airways and positioning it for sustained success,” she stated.

Lamola’s departure also comes amid increased scrutiny of SAA’s recent financial disclosures, with concerns raised in some quarters regarding inaccuracies in the airline’s latest financial statements.

In the 2023/24 cycle, a reported R60 million profit was restated as a R354 million loss after auditors discovered that R431 million in business rescue debt derecognition was incorrectly recorded as "sundry income". SAA missed the legally mandated September 30, 2025, deadline for submitting its 2024/25 annual report, citing "unresolved issues" and the need for the newly appointed board to validate disclosures. SAA announced a group net profit of R155 million on revenue of R8.8 billion, a claim that has not yet been formally accepted by the Auditor-General of South Africa.

While no formal finding of misconduct has been publicly confirmed, discrepancies reportedly involve the presentation and timing of certain revenue streams, as well as the classification of operational costs during the post-business-rescue recovery phase. SAA has not indicated that these issues materially alter its overall financial position, but has acknowledged the need for enhanced transparency and improved reporting controls going forward. The Board is understood to be engaging with auditors and relevant stakeholders to ensure that any inconsistencies are clarified and addressed.

At this stage, there is no official indication that the financial reporting concerns are directly linked to Lamola’s resignation. However, the timing adds a layer of sensitivity to the leadership transition, particularly as the airline seeks to reinforce confidence among investors, partners and the travelling public.

The Board has appointed Matshela Seshibe, CEO of SAA subsidiary Air Chefs, as Acting Group CEO. The process to appoint a permanent successor is expected to begin shortly. The leadership change comes amid broader governance adjustments, with three Board members having recently stepped down. Despite this, the shareholder representative has expressed confidence in the remaining Board’s ability to maintain stability.

Lamola’s departure occurs as South African Airways (SAA) continues to contend with a challenging operating environment. Similar to many airlines worldwide, SAA is confronted with increasing fuel costs due to geopolitical tensions and the persistent challenge of balancing expansion with financial sustainability. Additionally, the necessity to restore confidence among South African travellers has proven to be a significant undertaking.