Telkom appoints chairman

Telkom has announced that it has appointed Jabulane Albert Mabuza as Chairman of Telkom with immediate effect.

Mabuza was previously an MD of Southern Sun Gaming, GCEO of Tsogo Sun and chairman of the Board of South African Tourism.

The appointment follows that of several new non-executive directors to the struggling company’s board this week.

Earlier today (16 November 2012), Telkom appointed investment banker Leslie Maasdorp, to its board as a non-executive director. Maasdorp is currently president for Southern Africa at Bank of America Merrill Lynch, with previous board experience as a non-executive director of Absa Group and Johnnic.

On Monday (12 November 2012) Telkom announced the appointment of several other non-executive directors including Mabuza and Kholeka Mzondeki.

Mzondeki previously served as CFO of Mintek and Masana Petroleum Solutions, while other board memberships and audit committee positions include Reunert, Sentula Mining and Bauba Platinum.

Mzondeki was also appointed as a member of the Telkom Audit Committee.

Telkom struggles

Telkom has had a difficult 2012, having seen its share price plummet almost 50% this year, from a high of R29.75 in early February, to a close of R15.80 on the JSE on Thursday (15 November).

This follows on a string of events which have had a negative impact on the company – such as a blocked deal between Telkom and Korean telecoms company KT Corp earlier in the year; the department of communication’s uncertain direction for the company; a mass executive exodus after a turbulent AGM; and the announcement that CEO, Nombulelo Moholi, would be stepping down.

In afternoon trade on the JSE, by 14h50 Telkom made a slight gain of 0.38%, or 6c, to R15.86.

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Telkom appoints chairman