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)

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