Telkom CEO to step down

Telkom CEO Nombulelo Moholi. (Gallo)

Telkom CEO Nombulelo Moholi. (Gallo)

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)

. .
 

Comments

blog comments powered by Disqus

Client Media Releases

MTN scoops coveted international HR award
N2 coastal road in good shape
Skills that will help you get ahead in the workplace
FCM wins top award