New Telkom CEO Sipho Maseko.
The hunt for a new chief has taken almost five months after Nombulelo Moholi resigned in November last year. She has been running the fixed-line and mobile operator in a caretaker capacity since her resignation, but will now leave the part state-owned company.
Brian Armstrong has also been appointed to the new position of group chief operating officer, a promotion from his role as managing director.
“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.”
Mabuza said they believed Maseko would be “strong strategic leader” and Armstrong would ensure business performance “during the turnaround process”.
The turnaround is vital considering Telkom’s share price has dropped 17 per cent since the start of the year. Their market capitilisation is currently 23 times smaller than rival Vodacom’s.