• Without prejudice

    We all need to fight the ugly bigotry that’s made news recently, says Mandi Smallhorne.

  • Inside Labour

    The Davos extravaganza is slick PR and no UN-style institution, says Terry Bell.

  • 2015 Gadget preview

    Arthur Goldstuck presents gadgets to connect 2015 to the past and future.

Loading...
See More

Telkom needs 'worthy successor'

Nov 05 2012 11:51 Sapa
New Telkom chief executive Pinky Moholi. She is th

Telkom chief executive Pinky Moholi.

Company Data

TELKOM SA SOC LIMITED [JSE:TKG]

Last traded 0
Change 0,76
% Change 0
Cumulative volume 36435
Market cap 36.14bn

Last Updated: 27-01-2015 at 09:52. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Telkom CEO steps down

Moody's cuts Eskom, Telkom ratings

Telkom fails the test

Telkom boss rejects resignation claims

Telkom losses stack up

Rumours of Telkom, Cell C merger

 

Johannesburg - Telkom [JSE:TKG] needs to find a "worthy successor" to chief executive Nombulelo "Pinky" Moholi, trade union Solidarity said on Monday.

"Moholi is one of several Telkom CEOs who have resigned over the past year and her resignation will contribute to further instability in the company," spokesperson Marius Croucamp said in a statement.

He said the company had been plagued by problems, such as a R449m Competition Tribunal fine for "bullying" potential competitors, a failed bid by Korea Telecoms to buy a 20% stake in the parastatal, and weak financial prospects.

"Solidarity is concerned about who will take over the reins from Moholi, as her successor will have to re-establish stability in the company."

The parastatal announced Moholi's resignation on Monday.

"Moholi has notified the company of her intention to step down before the end of her contract period," it said in a statement.

"She has given the board the requisite six months' notice in this regard."

The company's board director Neo Phakama Dongwana also resigned.

Once the "current vacancies" on the board were filled, it would start looking for a new chief executive.

Website BDlive reported that at Telkom's annual general meeting (AGM) in October, Communications Minister Dina Pule managed to vote off four board members.

The AGM was last chaired by Lazarus Zim after he announced his resignation as Telkom chairperson in September.

Moholi previously rejected speculation that she intended resigning after Zim left.

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 up 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.

At 11:57am Telkom shares were down 2.64% to R17.72 on the JSE.


telkom  |  nombulelo moholi

NEXT ON FIN24X

 

Latest Articles

15 Investment Tips for 2015 Read More...
Tax-free saving accounts are coming Read More...
Which generator is right for you? Read More...
5 top tips to help you save on your next grocery bill Read More...
 
 

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
12 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Money Clinic

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