Partially state-owned Telkom said on Friday it has appointed outgoing Transnet CFO Nonkululeko Dlamini, who will fill the same position at the group with effect from the beginning of December.
Former MTN CEO Mteto Nyati has also resigned from the board due to recent developments leading to “capacity constraints”.
Dlamini is also formerly the CFO at the Industrial Development Corporation (IDC) and served as acting CFO at Eskom, where she also held various other management positions.
She is a qualified chartered accountant and has experience serving as a non-executive director on the boards of Kumba Iron Ore and the Small Enterprise Finance Agency.
Current CFO Dirk Reyneke will assume the role of Chief Capital Projects Officer, a role that includes overseeing the next phase of the group’s “ROIC (Return on Invested Capital) Model”.
Valued at about R12 billion on the JSE, Telkom has seen its shares approximately halve over the past year, and was recently hit by hefty impairments, restructuring costs and load shedding while also battling a net debt pile that stood at almost R17 billion as of the end of March.
While Telkom has said it isn’t interested in carving up its assets or being diluted to minority status in key business areas, it has been looking for strategic partners.
It has also expressed a willingness to sell its masts and tower business, Swiftnet, in its entirety.
Telkom has appointed Nonkululeko Dlamini as its new CFO
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Shares in Telkom were up almost 3% on Friday but are still down more than a quarter in the year to date.
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