South African Airways CEO quits

South African Airways (SAA) will begin searching for a new chief executive after its CEO Siza Mzimela quit today, the office of Public Enterprises Minister Malusi Gigaba said.

Reuters reports that the chief executive of South African Airways has stepped down just days after Pretoria guaranteed massive loans for the struggling state-owned airline.

According to Reuters, the government promised last week to guarantee $600 million in loans for the airline, a move that could put further pressure on an already strained national budget.

South Africa's state-owned companies, including SAA and national broadcaster SABC, have come under fire for what critics say is excessive spending of taxpayer money.