Embattled Telkom CEO Nombulelo “Pinky”” Moholi has resigned, following unprecedented Government interference in Telkom strategy and structure.
Telkom CEO Nombulelo “”Pinky”” Moholi has resigned, days after Minister of Communications Dina Pule vetoed the reappointment of several non-executive directors to the Telkom Board, as well as a new incentive payment structure.
The veto was the culmination of unprecedented Government interference in Telkom strategy and structure.
The most significant move was the decision by Cabinet not to allow Korea Telecom to acquire 20% of Telkom for around R3-billion – a move that would have injected both cash and fresh strategic ideas into Telkom.
The full statement by Telkom on Moholi’s resignation reads:
Telkom today announced Chief Executive Officer, Ms Nombulelo Moholi has notified the Company of her intention to step down before the end of her contract period. She has given the Board the requisite six (6) months notice in this regard.
Furthermore, Ms Neo Phakama Dongwana has informed the Board of her resignation as director effective 2 November 2012. The Board thanks Ms Dongwana for her valuable contribution to Telkom and wishes her well in her future endeavours.
Once it has filled the current vacancies and there are at least eight (8) directors as required by the Memorandum of Incorporation, the Board will embark on a process of finding a replacement Chief Executive Officer. The process of filling the vacancies on the Board has commenced and announcements will be made in due course.
The Company would like to emphasise that Ms Moholi’s intended departure does not impact on its operational capabilities, and on its ability to provide customers with the best possible service.