Cricket South Africa (CSA) hasbid farewell to acting CEO Jacques Faul who stepped in during one of theauthority's most trying periods and helped sponsors regain confidence after atwo-year crisis in the wake of the irregular IPL bonus issue.
"Jacquestook over as CEO on 17 March 2012 and has not only made sure that theoperational side of CSA has continued to function extremely smoothly andefficiently but has also ensured stability in the working environment,"said CSA President Chris Nenzani as he lauded the efforts of Faul.
Faul had securedsponsorships for all forms of the game after sponsors shied away in droves asSports Minister Fikile Mbalula stepped in to institute the Nicholson inquiryabout the financial affairs of CSA.
Nicholson pointedout Majola for having breached his fiduciary duties after almost two years ofwrangling within CSA over IPL 2 bonuses that Majola paid to himself and otherCSA staff without the consent of the board.
IPL 2 was playedin South Africa over concerns around security in India at the time due toelections there. Majola remaineddefiant, threatening legal action, but was dismissed by CSA after he failed toturn up for a disciplinary hearing.
"(Faul) tookcharge of restoring CSA's badly damaged reputation and did a lot of good workbehind the scenes to restore the confidence of existing sponsors and to createthe environment for new ones to come on board," Nenzani said.
"As heleaves us, all our commercial properties have been snapped up in the marketplace and he hands over the baton to his successor with CSA once again in agood place. He is to be congratulated on a job well done."
CSA ChiefFinancial Officer, Naasei Appiah, will assume the role of Acting CEO until theselection process of the new CEO is complete.