Moholi announced her resignation as Telkom CEO in November 2012 and will leave the company in April 2013. Maseko will take up the position from 1 April.
When BusinessTech contacted Maseko in January about rumours that he is in line for the top job at Telkom, he denied that he is in discussions with Telkom to take over from Moholi.
At the time Maseko told BusinessTech that he has not been in contact with Telkom, and that he is honouring his restraint of trade with Vodacom.
Maseko was the former Vodacom Chief Operating Officer, and before joining Vodacom served as Chief Executive Officer of BP Southern Africa.
“The appointment of a seasoned executive with telecommunications experience is another building block in Telkom’s turnaround process”, said Jabu Mabuza, the Telkom chairman.
“The objective of Telkom’s turnaround is to deliver sustainable performance. It is a strategy that requires a strong leadership team with the ability to ensure performance and execution and gain the support of all its stakeholders.”
Telkom also announced that it is appointing Dr Brian Armstrong as Group Chief Operating Officer.
“We are also confident that the appointment of Brian Armstrong as Group COO ensures business performance for our customers during the turnaround process,” Mabuza said.
In afternoon trade on the JSE, Telkom’s shares were trading up 2.46% to R14.55 by 13h00. Shares in Telkom have dropped nearly 44% in the last year, and nearly 14% since the start of 2013.