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PIC: Stability needed at Telkom

Nov 05 2012 20:12 Sapa

Company Data

TELKOM SA SOC LIMITED [JSE:TKG]

Last traded 37.45
Change -0.8
% Change -0.02
Cumulative volume 1677102
Market cap 19.50bn

Last Updated: 24/04/2014 at 04:29. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Stability at board and management levels at Telkom [JSE:TKG] was needed to turn the parastatal around as soon as possible, the Public Investment Corporation (PIC) said on Monday.

"The PIC has noted the resignation of Telkom's chief executive Nombulelo Moholi with regret as we would have liked to see some stability at the executive level," the company said in a statement.

Moholi handed in her resignation on Monday.

Board director Neo Phakama Dongwana also resigned.

The PIC said Moholi had been around for a short period of time and was faced with various inherited challenges.

Stability was needed as the entity had been losing value over an extended period of time.

"It is further important to turn the entity around as soon as possible and we believe the starting point is sorting out governance issues."

Moholi was appointed chief executive in April last year, after acting head Jeffrey Hedberg decided earlier in 2011 not to renew his contract.

She became the first black woman to head a Johannesburg Stock Exchange-listed telecommunications company in South Africa.

She was previously Telkom's chief sales and marketing officer from 2002 to 2005, before moving on to Nedbank for three years.

In 2009 she returned to Telkom as a managing director.
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