Telkom to appoint new CEO in April

As shares in Telkom continued to plummet to new lows, communications minister Dina Pule says that the group aims to announce a new CEO in April.

In lunchtime trade on the JSE on Friday (15 March), shares in Telkom declined 0.82% to R14.58, giving the group a market cap of R7.60 billion.

Telkom reached an intraday worst level of R14.56, testing an all-time low of R14.50 reached on Thursday, as investors continue to be spooked by the level of uncertainty surrounding the group.

Shares in Telkom have dropped nearly 44% in the last year, and nearly 14% since the start of 2013.

In an interview with John Robbie on Talk Radio 702, Pule said: “Ive just spoken to the chairperson of Telkom yesterday (13 March). I hope by probably the beginning, or at the end of April we will have a CEO there.”

Current CEO, Nombulelo Moholi announced her resignation in November 2012 and will leave the company in April 2013.

It was rumoured that former Vodacom COO, Sipho Maseko, might take the lead role at Telkom, however,  he dismissed the rumours as false.

The Department of Communications recently announced that, together with the Telkom Board, it is still finalizing options that are to be proposed to cabinet for consideration on a strategic direction for the firm.

Government holds the majority shares in Telkom through its own 39.8% stake in the company and the 10.5% held by the Public Investment Corporation.

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Telkom to appoint new CEO in April