Johannesburg: Cricket South Africa (CSA) has bid farewell to acting CEO Jacques Faul who stepped in during one of the authority`s most trying periods and helped sponsors regain confidence after a two-year crisis in the wake of the irregular IPL bonus issue.
"Jacques took over as CEO on 17 March 2012 and has not only made sure that the operational side of CSA has continued to function extremely smoothly and efficiently but has also ensured stability in the working environment," said CSA President Chris Nenzani as he lauded the efforts of Faul.
Faul had secured sponsorships for all forms of the game after sponsors shied away in droves as Sports Minister Fikile Mbalula stepped in to institute the Nicholson inquiry about the financial affairs of CSA.
Nicholson pointed out Majola for having breached his fiduciary duties after almost two years of wrangling within CSA over IPL 2 bonuses that Majola paid to himself and other CSA staff without the consent of the board.
IPL 2 was played in South Africa over concerns around security in India at the time due to elections there.
Majola remained defiant, threatening legal action, but was dismissed by CSA after he failed to turn up for a disciplinary hearing.
"(Faul) took charge of restoring CSA`s badly damaged reputation and did a lot of good work behind the scenes to restore the confidence of existing sponsors and to create the environment for new ones to come on board," Nenzani said.
"As he leaves us, all our commercial properties have been snapped up in the market place and he hands over the baton to his successor with CSA once again in a good place. He is to be congratulated on a job well done."
CSA Chief Financial Officer, Naasei Appiah, will assume the role of Acting CEO until the selection process of the new CEO is complete.