Telkom chief executive Sizwe Nxasana will not be renewing his service contract, the Telkom board announced on Monday.
Chairperson Nomazizi Mtshotshisa said the board had accepted Nxasana’s intention not to renew the contract, which expired on December 31, 2005.
”In accordance with Telkom’s succession plan, the service contract requires a minimum notice period of six months. During this period, Nxasana will continue his functions as CEO of Telkom whilst the board finalises the appointment of his successor.
”Nxasana will work closely with the new CEO to ensure an orderly handover of his responsibilities prior to his departure,” Mtshotshisa said.
Nxasana, who has been CEO since April 1998, has seen the company through a number of challenges, including the successful initial public offering on the JSE Securities Exchange, South Africa, and the New York Stock Exchange.
Mtshotshisa extended her sincere thanks to Nxasana ”for his significant contribution to the success of the company”.
She supported his decision ”to explore new challenges”. – Sapa