South African finance executive Isaac Nkululeko Malevu (Isaac Malevu), who has served as Group Chief Financial Officer and executive director of the Industrial Development Corporation of South Africa (IDC), will step down at the end of November after nearly six years at the state-owned development finance institution.

IDC said Isaac Malevu will resign from his positions effective November 30, 2026, to return to the private sector. The corporation disclosed his departure on Thursday, September 3, in a notice to noteholders issued in accordance with the JSE Debt and Specialist Securities Listings Requirements.

Malevu to return to private sector

Isaac Malevu joined IDC in 2020 during the COVID-19 pandemic, moving from the private sector to contribute to South Africa’s development finance sector during a period of significant economic uncertainty.

During his tenure, he was responsible for the corporation’s financial stewardship and played a role in strengthening governance and institutional stability while supporting investor confidence through a period of senior leadership transition.

His departure comes after a career spanning more than two decades across professional services, commercial banking and corporate finance. Before joining IDC, Isaac Malevu spent almost a decade at Standard Bank’s Corporate and Investment Banking division, where he served as CFO for Client Coverage. He previously worked at EY, where he rose to become an audit partner.

Six-year tenure coincides with financial recovery

Malevu’s tenure coincided with a significant improvement in IDC’s financial performance. The corporation reported a R3.8 billion loss in 2020 before recording more than R10.7 billion in attributable profit in 2023, according to CFO South Africa.

IDC also expanded its investment approvals and disbursements during the period as it continued supporting industrial development and economic activity across South Africa.

Malevu’s contribution was recognized at the 2023 CFO Awards, where he received the Public Sector CFO of the Year and Transformation & Empowerment Award.

Experienced finance executive leaves IDC

A chartered accountant, Malevu holds a BCom from the University of the Witwatersrand and postgraduate accounting qualifications from the University of Natal, now the University of KwaZulu-Natal. He also completed executive leadership programmes at GIBS Business School and London Business School.

Beyond his executive role at IDC, he has held non-executive directorships at companies including Exxaro Resources and previously Italtile, adding experience across investment, risk management and corporate governance.

IDC said Malevu will return to the commercial sector while continuing to contribute to public-private partnerships focused on sustainable development and economic growth.

The corporation’s board thanked him for his service and contribution and wished him well in his next professional chapter.

IDC has not disclosed Malevu’s next employer. The corporation said it will provide further updates on the CFO position in due course and remains committed to an orderly transition and continuity in its financial leadership.