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Telkom picks hotel exec as chairperson

Nov 16 2012 16:11 Reuters

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Johannesburg - Telkom [JSE:TKG] said on Friday it appointed a former gaming and hotel executive as its next chairperson, following the abrupt departure of several board members.

Jabulane Mabuza, who was appointed to the board earlier this week, has been appointed as its chairperson with immediate effect, Telkom said in a statement.

The former chief executive of Tsogo Sun Holdings, Mabuza has been the chairperson of the Casino Association of South Africa and of South African Tourism, a tourism promotion group.

As Telkom's new chairperson he will have to lead the search for the its next chief executive after its current head said this month she will step down in May.

The future of the state-controlled telecom, whose shares are down 45% this year, has been thrown into doubt by tentative government plans to renationalise it and force it to push through a costly expansion of rural internet access.

Stung by declining fixed-line usage and an expensive, failed attempt at expansion into Nigeria, Telkom has struggled to boost flagging earnings.

It has launched an expensive mobile phone unit that has struggled to win customers in a market dominated by Vodafone unit Vodacom Group [JSE:VOD] and MTN Group [JSE:MTN]. The mobile business has yet to turn a profit two years after its launch.
vodacom  |  mtn group  |  telkom

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