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Connie walks away a richer man

Johnnic Comunications is on the lookout for a new CEO after firing Connie Molusi from the job this week.

This has ignited fresh speculation that Molusi’s departure clears the way for Caxton CEO Terry Moolman to step in as CEO of Johncom, which owns 39% of Caxton. One suggestion is that Caxton would then be in line to take over printing on behalf of Johncom.

Molusi was suspended in July pending a review of his performance, just three months after delivering a scintillating set of results, though the real reasons for the bust-up may have more to do with differences over the group’s black economic empowerment (BEE) strategy. Molusi was reportedly against a deal that would involve BEE oligarchs such as Cyril Ramaphosa and Patrice Motsepe.

Both sides agreed to the wording of a statement that “the board of Johncom has lost confidence in group CEO Connie Molusi and has terminated his employment with immediate effect.

“The board could not reach agreement with Mr Molusi on the reasons for the board’s loss of confidence in him or his ability to lead the company.”

The termination agreement is believed to in­clude a hefty payout for Molusi, as high as R15-million according to some speculation, though neither side is commenting. Details of the payout will be disclosed in the next annual report.

Johncom chairperson Mashudu Ramano added that, though there were disagreements on business matters, “It is with a degree of residual affection we part ways.”

Deputy CEO Prakash Desai and the group’s executives have taken over Molusi’s responsibilities in the meantime.

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