Telkom drops Molobela from board
Former Telkom chairman, Jeff Molobela has made himself unavailable for re-election to the board after fellow board members asked shareholders not to re-elect him.
Molobela, a government representative on the Telkom board since 2009, was blamed by former Telkom CEO Reuben September for his exit from the company, saying that Molobela was interfering with his work.
According to a report by BDLive, the Telkom board had “diplomatically” asked shareholders not to re-elect Molobela, saying Telkom needed to make space for “fresh skills appropriate to the growth trajectory that the company will be pursuing”.
According to the report, Molobela said the way the board tried to get rid of him “violates due process”, and no valid reasons were provided to back the move.
The call for his dismissal had the support of government, it was reported.
Telkom is sitting at its Annual General Meeting today (27 September), at which shareholders will vote on a number of special proposals put forward by the Telkom board.
Amongst these proposals is the authority to purchase back a maximum of 10% of Telkom shares if needs be, as well as the authority to provide financial support to Telkom employees – both in order to implement an employee reward share scheme.
Image credit: ITU pictures
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