Loading...
See More

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 80
Change 1
% Change 1
Cumulative volume 347979
Market cap 0

Last Updated: 01-04-2015 at 04:15. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Telkom fails the test

Moody's cuts Eskom, Telkom ratings

Telkom may have broken JSE rules - report

Telkom boss rejects resignation claims

Telkom losses stack up

Rumours of Telkom, Cell C merger

 

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

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
39 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

SMALL BUSINESS

Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.
 
 

The Fast and Furious R40 million

With the Fast and the Furious 7 hitting South African cinema’s this April, all eyes are on the cars and we’re in for a treat!

 
 

Luxury living

This is the most expensive burger in the world!
Exclusive food items that WILL break the bank
Top 10 most expensive homes in the world
You can permanently live on a ship and sail the world!

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

How will you manage Vodacom’s price hike for contracts?

Previous results · Suggest a vote

Loading...