The CEO of South African telco Telkom is stepping down in the wake of decreased revenues and a falling share price.
Nombulelo Moholi has notified the company of her resignation and has given the required six months notice, the government-linked telco…
The CEO of South African telco Telkom is stepping down in the wake of decreased revenues and a falling share price.
Nombulelo Moholi has notified the company of her resignation and has given the required six months notice, the government-linked telco announced today.
Telkom saw significant losses last year, following its failed expansion into the Nigerian market and a decline in fixed-line revenue. The company’s share price has fallen almost 40% this year.
“The Company would like to emphasise that Ms Moholi’s intended departure does not impact on its operational capabilities, and on its ability to provide customers with the best possible service,” said Telkom in today’s statement.
In the company’s announcement of its latest full-year results in March, Moholi commented: “We continue to be dogged by the historical perceptions of poor delivery and, being acutely aware of this, have now put measures in place to ensure leadership development is a priority.”
Earlier this year South Korean operator KT Corp tried to acquire a 20% stake in Telkom for US$345m. But the South African state, which controls 50.7% of shares in Telkom, decided in late May to veto the deal.
