Telkom CEO, Sipho Maseko, is taking steps to revive the company’s fortunes, including retrenchments and a R2.7billion acquisition of listed ICT group, Business Connexion (BCX).<\/p>\n
\u201cTelkom won\u2019t die…We needed to stop the bleeding, rehydrate and start eating solids again,\u201d Maseko said of the restructuring process.<\/p>\n
The process is anticipated to affect up to 2,635 management staff as the group aims to save R5 billion over the short to medium term.<\/p>\n
\u201cCustomers want more services for less, and we need to start being more efficient,\u201d Maseko told the Sunday Times.<\/p>\n
\u201cThe bargaining unit will not be affected by the current round of retrenchments. I want my management team to do more with less.\u201d<\/p>\n
\u201cCurrently, there are about 12 to 13 layers between the customer and myself. I want to get this to about eight or nine layers \u2014 in line with other benchmark companies,\u201d Maseko said.<\/p>\n
Maseko also told the City Press that there was no tension with unions over the retrenchment process ,which is expected to see up to 1,000 managers lose their jobs.<\/p>\n
\u201cBecause we are a listed entity, we need to maintain a certain amount of confidentiality…There is no tension between ourselves and the trade unions and we have had a number of interactions with them where we have shared the strategic directions that we are going to take.”<\/p>\n
On Thursday (22 May) Telkom entered into an agreement to acquire BCX in a R2.7 billion cash offer funded from its own cash resources.<\/p>\n
The purchase would include the entire issued ordinary share capital of BCX, but excludes the BCX ordinary shares held by Business Connexion as treasury shares.<\/p>\n
Telkom will pay to the ordinary shareholders a cash consideration of R6.60 per ordinary scheme share.<\/p>\n
Telkom to target whites in latest job cull: report<\/strong><\/a><\/p>\n Telkom to acquire Business Connexion<\/strong><\/a><\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Telkom CEO, Sipho Maseko, is taking steps to revive the company’s fortunes, including a massive acquisition.<\/p>\n","protected":false},"author":10,"featured_media":58309,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[21],"tags":[26,2414,65],"class_list":["post-58629","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-telecommunications","tag-headline","tag-sipho-maseko","tag-telkom"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/58629","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=58629"}],"version-history":[{"count":7,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/58629\/revisions"}],"predecessor-version":[{"id":58643,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/58629\/revisions\/58643"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/58309"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=58629"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=58629"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=58629"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Telkom Mobile not sustainable: CEO<\/strong><\/a><\/h3>\n