Telkom CEO to step down

Telkom CEO Nombulelo Moholi. (Gallo)

Telkom CEO Nombulelo Moholi. (Gallo)

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)

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