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.