Eskom said that it and finance director Tsholofelo Molefe have agreed to part ways on an amicable basis.
On March 12, Eskom’s former chairperson Zola Tsotsi placed four senior executives, including former CEO Tshediso Matona, on suspension when he announced an inquiry into the utility.
Matona initially challenged the suspension in the Labour Court, but decided to resign on May 18.
The other executives were group executive for group capital Dan Marokane, who resigned on June 1, and technology and commercial head Matshela Koko, who remains on suspension.
Ben Ngubane has since been made acting chairperson, while Transnet CEO Brian Molefe was seconded as acting Eskom CEO.
The public will remain in the dark about any financial settlement reached with the executives until Eskom's next 2015/2016 financial report in 2016.
Eskom told Fin24 that the settlements were confidential and that any financial consequence of the resignations would only be made public in the next financial report in 2016.
“Molefe is and was never suspected of any negligence, misconduct or wrongdoing,” Eskom said in a statement on Thursday.