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Johannesburg - Telecommunication network operator Neotel on Tuesday said it had appointed Sunil Joshi as its new managing director and CEO, with effect from 1 April 2011.
The appointment comes in the wake of a damning report by its auditors Deloitte & Touche which questioned its ability to continue as a business following substantial losses.
"... the company's recurring losses from operations and shareholders' deficit raise substantial doubt about its ability to continue as a going concern," auditors Deloitte & Touche said in an annual report filed with the US Securities and Exchange Commission.
Neotel last month said that it is undergoing a strategic review.
Joshi, currently President of Global Enterprise Solutions for Tata Communications, replaces Ajay Pandey who will move to back to Tata Communications after completing five years with Neotel.
Neotel's non-executive Chairman, N. Srinath said: "Sunil brings with him extensive experience in the global enterprise segment as well as expertise in global managed and network services. He is strongly positioned to take Neotel forward."
Kennedy Memani, Chairman of Nexus Communications and the empowerment partner of Neotel said Neotel had built a strong foundation.
Joshi has more than 22 years of experience in the Indian domestic and global IT & Telecommunications industry. He has led Tata Communications' strategy for emerging markets.
Pandey said it had been "a privilege and a great challenge" to lead Neotel during the first four years of its operation.
It had invested more than R3.5bn in infrastructure and played a major role in increasing South Africa's global connectivity, he said.
