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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 49.70
Change 0.29
% Change 0.01
Cumulative volume 497089
Market cap 25.88bn

Last Updated: 30/07/2014 at 02:37. Prices are delayed by 15 minutes. Source: McGregor BFA

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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
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