Telecoms group Telkom says its chief executive, Nombulelo Moholi, would step down before the end of her contract period.
Moholi has given the fixed-line operator the requisite six-month notice, the company said in a brief statement on Monday morning.
Stung by declining fixed-line usage and an expensive, failed attempt at expansion into Nigeria, Telkom launched a mobile phone unit that some analysts have said lacked strategic logic.
Shares in the company are down nearly 40% so far this year, underperforming a near 20% gain the All-share index and underscoring the lack of investor confidence in the stock whose top shareholder is the government.
In June, the government, which owns nearly 40% of Telkom, rejected South Korea's KT Corp offer for a 20% stake in the company. – Reuters
Further details are expected later.
(Developing story). .