South African Airways (SAA) has submitted its long-term turnaround strategy to the country's Department of Public Enterprises.
The turnaround strategy is aimed at improving the airline's financial sustainability and operational efficiency, SAA says.
There will be a three-phase implementation with continuous, cyclical monitoring over a 20-year period. SAA says there will be specific and measurable outcomes in each of the three phases, described as short, medium and long-term.
Further details about the strategy will be disclosed to the public "once the Department of Public Enterprises has had the opportunity to digest its contents and endorsement [has been] received from the National Treasury", SAA says.
Acting chairperson Dudu Myeni adds: "One of the key elements of the strategy is increased focus and emphasis on governance and accountability. These will go a long way in restoring SAA's reputation in the global markets and among its stakeholders."
SAA's board has suffered a series of setbacks in recent months, following the resignation of chief executive Siza Mzimela in October 2012.
Mzimela's interim replacement, Vuyisile Kona, was suspended in February following "certain allegations". He was replaced by Nico Bezuidenhout, chief executive of SAA's low-cost subsidiary Mango. A permanent appointment is expected later this month.