TELECOMS firm Telkom said yesterday its chief executive, Sipho Maseko, would step down at the end of the month from the board and its subsidiaries nearly half a year earlier than announced.
Telkom had previously announced in July that Maseko would only step down on June 30, 2022.
Telkom did not give a reason for Maseko’s early departure, who has led the firm for eight years.
Serame Taukobong will now take the reins of the firm from January 1, instead of on August 4 as previously announced.
Telkom, which became South Africa’s third-largest telecoms company after overtaking Cell C last year, said the leadership transition plan was progressing effectively.
As part of this plan, Maseko would step down from the Telkom board and those of subsidiaries, but remain an employee of Telkom until June 30, 2022.
“During this period, Sipho will be available to the new group chief executive and the board in an advisory capacity. The board is confident of the stability of the group and would like to thank Sipho for his commitment to an orderly leadership transition,” it said.
By 3pm, Telkom’s shares on the JSE were trading 2.52 percent higher at R51.98.
BUSINESS REPORT ONLINE