CEOs of parastatals to be hired on performance-based contracts 

*Trade minister says the aim is to weed out under-performers

* Kgafela says several parastatals are to be merged

* Rationalisation also aimed at saving govt revenue 

CEOs of certain State-Owned Enterprises (SEOs) are to blame for their chronic poor performance that has led to rationalisation of the sector, the Minister of Trade and Industry, Mmusi Kgafela, has said. 

Because of that, performance-based contracts will take precedence over duration of terms in the hiring of CEOs henceforward, Minister Kgafela disclosed in a press conference last week aimed at briefing the media about rationalisation of State Owned Enterprises (SOEs). 

Some of the Chief Executive Officers (CEOs) of parastatals are currently employed on five-year renewable contracts.