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Telkom CEO steps down

Nov 05 2012 07:47 Reuters
New Telkom chief executive Pinky Moholi. She is th

Telkom chief executive Pinky Moholi.

Company Data

TELKOM SA SOC LIMITED [JSE:TKG]

Last traded 37.65
Change -0.6
% Change -0.02
Cumulative volume 1580202
Market cap 19.61bn

Last Updated: 24/04/2014 at 03:53. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Telkom [JSE:TKG] advised on Monday that CEO Nombulelo Moholi has notified the company of her intention to step down before the end of her contract period.

Moholi, who was appointed to the position in April last year, has given the board the requisite six months notice in this regard.

The board will embark on a process of finding a replacement CEO once it has filled the current vacancies and there are at least eight directors as required by the Memorandum of Incorporation‚ it said.

The process of filling the vacancies on the board has commenced and announcements will be made in due course.

Telkom also announced the resignation of Neo Phakama Dongwana from the board.

Stung by declining fixed-line usage and an expensive, failed attempt at expansion into Nigeria, Telkom launched a mobile phone unit that some analysts have said lacked strategic logic.

Shares in the company are down nearly 40% so far this year, underperforming a near 20% gain the All-share index and underscoring the lack of investor confidence in the stock whose top shareholder is the South African government.

In June, the government, which owns nearly 40% of Telkom, rejected South Korea's KT Corp offer for a 20% stake in the company.

 
telkom  |  nombulelo moholi
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