BCX chief financial officer resigns

BCX’s chief financial officer, Refilwe Nkabinde has resigned, according to an internal email seen by BusinessTech.

Nkabinde is the third top executive to leave the group in as many months, following the resignation of chief operating officer Mike Buttner earlier in August, and CEO Ian Russel in June.

Buttner had been on the job for only a few months, and was replaced by Leon Gerber as acting interim COO.

Russel, announced that he would be stepping down in June, and was replaced by Jonas Bogoshi.

According to the group, Nkabinde will be replaced by Zweli Vilakazi who will be seconded to BCX from the Telkom Group.

Telkom acquired BCX in 2014 in a R2.7 billion cash offer.

As rationale for the acquisition, Telkom said it would use the BCX business to grow beyond its core business of connectivity by expanding into ICT services, while reinforcing its connectivity offering and enhancing its convergence strategy.

In June, Telkom reported a 6.55% drop in operating profit for the year ended March 2018, to R4.9 billion, with revenue flat at R41.018 billion.

The group reported a 19.2% decrease in profit after tax to R3.158 billion.

Telkom CEO, Sipho Maseko said a weak local economy led to deferred corporate ICT spend and reduced public sector spend, which hampered BCX’s performance.

Read: BCX exec resigns after ‘short stay’ – report

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BCX chief financial officer resigns