Sipho Maseko is stepping down as CEO of the partially state-owned telecommunications group Telkom after nine years in the job. He will depart on 30 June 2022.
“The process to appoint a successor is well under way and a group CEO-designate will be announced in the not-too-distant future. Sipho would, for the remainder of his tenure, ensure the incoming group CEO-designate’s orderly transition into the role.”
Maseko, who joined Telkom on 1 April 2013, is credited with turning around the company’s fortunes. At the time, Telkom was in dire straits. The share price has more than tripled on his watch as he set about restructuring and streamlining the organisation to better compete in a liberalised telecoms market.
“During his tenure, he turned the business around and evolved it from a traditional fixed business to a portfolio of businesses, which comprises the mobile, IT and wholesale infrastructure businesses, and the masts & towers portfolio,” Telkom said in a statement.
“Under his leadership, the group has had many remarkable strategic achievements in its execution of its
broadband-led strategy, which are reflected in the group’s current healthy position.”
“The mobile business grew to become the third-largest mobile business in South Africa with more than 15 million customers and generating R20-billion in revenue. The fibre footprint was expanded and the fixed customer base was migrated to new technologies (fibre and LTE). The number of homes connected with fibre now exceeds the
number of homes connected with copper.”
In a statement, Maseko said: “I feel now is the right time for me to step aside and make way for a new leader who will take Telkom to even greater heights. I am most thankful to my colleagues across our country, for trusting me to lead Telkom, and for supporting me throughout this journey of transition.”
Telkom shares fell as much as 8.5% in trading on the JSE on Friday before recovering some lost ground. The shares dipped as low as R40.91 apiece before rebounding. Shortly after 2pm, they were trading down by 3.5% at R43.20 each. — (c) 2021 NewsCentral Media