Telkom shares boosted by new appointments
Shares in Telkom advanced for a second straight day on Friday (14 November), following the appointment of five independent non-executive directors to its board.
In afternoon trade on the JSE on Friday, the telecoms firm gained 75 cents, or 4.66% to R16.85, having picked up 4% on Thursday (13 November). Prior to the past few days, shares in Telkom had lost almost half its value on the local bourse in 2012.
The appointment of Susan Botha, Dr Clive Adrian Fynn, Khanyisile Kweyama, Fagmeedah Petersen and Louis Leon Von Zeuner ensures that Telkom now has a board of 14 members, enabling the group to fill vacancies on board committees and to focus on the recruitment of a new group chief executive officer.
Nombulelo (Pinky) Moholi announced her intention to step down as CEO in November, giving the board a six month notice period.
The new appointments come with noteworthy CVs, as Botha was previously executive director of MTN Group and Absa Bank, while Dr Clive Adrian Fynn is a former MD and chairman of Cisco Systems Capital (South Africa) and an executive director of Siemens Business Services.
Kweyama is currently head of Anglo American Southern Africa and VP of the Chamber of Mines, while Von Zeuner sits on Absa’s board.
Analysts have expressed concern over Telkom’s problems at a boardroom level recently, questioning its relationship with government, a majority shareholder of the group.
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