Fin24

Zim to retire as Telkom chairperson

2012-09-11 10:53


Cape Town - Lazarus Zim has informed the board of Telkom [JSE:TKG] of his retirement as chairperson and director at the end of the company's annual general meeting in October 2012.

Zim joined the Telkom board in February 2011 when the government exercised its right to name a new Telkom chairperson. He replaced the controversial Jeff Molobela, whose tenure was wracked by controversy when former CEO Reuben September accused him of undue interference in the running of Telkom.

In an  announcement to the JSE on Tuesday, Telkom said that Zim has informed the board of his retirement and the "board thanks him for his valuable contribution to Telkom and wishes him well in the future".

Telkom's share price was up 0.78% at R18 in early trade on Tuesday.

* Follow Fin24 on TwitterFacebookGoogle+ and Pinterest.  


Comments
  • michael.barns.1 - 2012-09-11 11:21

    stays for 1 year, makes a billion rand and gets a golden handshake... next person please apply to rape and pillage our coffers. I mean really, who does this?

      christiaan.vanvuuren.9 - 2012-09-11 11:56

      Honestly man, most people working as a director earn what they deserve. Risk and reward. King code is there for a reason and the amount he earned was established by a set of calculations which apply to every director. \r\n\r\nAlso telkom is not a necessity so they get what you choose to pay them.

      michael.barns.1 - 2012-09-11 14:12

      ummm Telkom lost 47% of its stock price in 12 months, I think the man ran the company into the ground quite successfully. Give that man a Bells!

  • jay.vyas.984 - 2012-09-11 11:46

    Typical action of a BBBEE Cadre Deployment ANC Crony in Big Business. Really, what did he contribute to Telkom? He as Chairperson should have convinced the Government that the only Long Term Solution to the "Sick & InEpt Telkom" was to sell a controlling chunk to the South Korean Telecoms entity. At leadt the South Koreans would have removed the dead wood, turned the Inefficiencies around, and thereafter brought Profitability. That would have resulted in the Future Growth & Jobs. But No, this ex Anglo dude just sponges up the Honey! I Rest My Case! Do not buy an e-Tag! Ever!

      napolita.kio - 2012-09-11 12:05

      @NotBlackEnough - You "sound" angry ;) Anyways, please substantiate your claims that: 1. "the only Long Term Solution was to sell a controlling chunk to the South Korean Telecoms entity" 2. "At leadt[sic] the South Koreans would have turned the Inefficiencies around, and thereafter brought Profitability. " 3. "his ex Anglo dude just sponges up the Honey! " Some background for your information. In 1997, 18% of Telkom was sold to SBC Communications of the US and 12% to Telekom Malaysia. Not so long after, these equity partners were accused of paying undue themselves fees and many other claim; and also that government were wasting the asset (Telkom) by having sold. By 2004 when the partners sold part of their stakes there were further claims of profiteering without any benefit to Telkom and that government was ill-advised to sell the stakes in the first place. Here we are some 15 years later, someone claims government is wrong by not selling. How convenient!! Amazing how people's memories last!!

  • jay.vyas.984 - 2012-09-11 13:05

    @ Napolita.Kio Angry? Not really, but truly disgusted by the News. In response to your points: 1. The issue / my disgust here is WHAT DID ZIM Contribute during his tenure as Chairman? 2. Agreed, the previous Telkom partners did profiteer and were a little warped in their undue wealth creation. I do recall it too BUT.... BUT what was different with the Korean Proposal was that they were to acquire a legitimate controlling interest in Telkom. Meaning they will carry the can of the future risks too! Unlike the US & Malaysians. 3. Now this is what ZIM should have pushed for! Why? so that the Koreans would DEFINITELY have changed the Lethargic and Inept Operations of this "Welfare Parastatal!" - Why? 'cause Koreans have a Legacy of Successes endorsed by the Korean Government to support their CHAEBOLS! 4. Examples are Samsung, LG, Hyundai, Kia, SSang Yong and the likes. 5. Did you know that South Korea has the Fastest and Most Efficient Internet and Telecommunications Technology on the Planet? Telkom would have surely benefitted from this CHAEBOL Corporation. 6. Obviously in their gradula restructure, a huge amount of the "Welfare Dead Wood Employees" would have become casualties and retrenched. 7. I could also speculate that 8-TA the Mobile Division of Telkom to be completely transformed! Any telecoms or electronics industry person could see that happening. 8. Telkom was, and still is, a TOXIC SOE due to the Failure of not finding an Internationally Owned Parent!

  • vimbai.makaza - 2012-09-21 13:23

    thought its Zim-Zimbabwe

  • pages:
  • 1