September to leave in November

Telkom South Africa CEO Reuben September is to leave the fixed-line operator in November.
The executive, who has been at the company in various capacities including COO and
CTO since 1977, will make his exit once his current contract expires.
The company…

Telkom South Africa CEO Reuben September is to leave the fixed-line operator in November.

The executive, who has been at the company in various capacities including COO and

CTO since 1977, will make his exit once his current contract expires.

The company said that it would find a replacement in due course.

Since listing in 2003, the telco has reportedly had three CEOs (September, Papi Molotsane and Sizwe Nxasana) and three chairmen (Jeff Molobela, Shirley Arnold and Nomazizi Mtshotshisa).

Local analysts were critical of September’s tenure, which oversaw the acquisitions of Multi-Links Nigeria for US$410m and M-Web for US$63m, both of which are now seen as unsuccessful, as well as a US$56m loan to Telkom Media that had to be written off. He also presided over the sale of a 50% stake in mobile group Vodacom to co-owner Vodafone.

The company remains under pressure to re-establish a presence in mobile, with a tie-up with distant number three mobile player Cell C seen by many as the obvious solution. Former Cell C CEO Jeff Hedberg, who moved to Telkom, where he is heading up Multi-Links, had previously given his blessing to such a move.

The South African government owns a 39.8% stake in Telkom, with BEEs owning further stakes and a final 33.6% being freely floated.