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