Telkom CEO to step down

Telkom chief executive officer, Nombulelo Moholi is to step down from the company, following months of speculation.

In September, Moholi, who was appointed in April 2011, rejected speculation that she intended to resign.

Last month Government, which has a 39.8% stake in Telkom, blocked the appointments of four directors at the group’s AGM.

Telkom chairperson Lazarus ZimJulia Hope and Jackie Huntley stepped down from the group’s board.

“Ms Moholi has given the Board the requisite six months notice in this regard. The Board will embark on a process of finding a replacement chief executive officer once it has filled
the current vacancies and there are at least eight  directors as required by the Memorandum of Incorporation,” Telkom said in a statement on Monday (5 November).

“The process of filling the vacancies on the board has commenced and announcements will be made in due course.”

The group also advised that Neo Phakama Dongwana informed the Telkom Board of her resignation as director effective 2 November 2012.

“The Board thanks Ms Dongwana for her valuable contribution to Telkom and wishes her well in  her future endeavours,” it said.

In September, Telkom warned that its headline earnings per share from continuing operations for the six months ending September 2012 were expected to be at least 65% lower than the prior comparative period.

HEPS from continuing operations for the six months ended September 2011 stood at 191.7 cents, 35.5% lower than in 2010.

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Telkom CEO to step down