Telkom’s chief financial officer, Peter Nelson, is stepping down from Telkom six weeks before has contract was due to expire. But Nelson says there’s “nothing untoward” about his decision to leave early. The JSE-listed telecommunications group used a stock exchange news service announcement on Thursday afternoon to break the news.
Browsing: Jeff Molobela
Telkom drew heavy fire from an investment manager and a shareholder at its annual general meeting on Tuesday. The two men accused the JSE-listed telecommunications group of poor corporate governance. Shareholder activist Theo Botha accused Telkom of failing to comply with various elements of the new King 3 codes of corporate governance.
Outgoing Telkom chief financial officer Peter Nelson has offloaded more of the shares he holds in the JSE-listed telecommunications group. Telkom announced late on Friday that Nelson had sold nearly 40 000 shares worth more than R1,3m. He sold the shares last Thursday.
Episode 4 of SA’s business technology podcast, TalkCentral, is live. In this week’s show, your hosts Duncan McLeod and Candice Jones talk about the dramatic axing of communications department director-general Mamodupi Mohlala. We interviewed her this week about how the drama unfolded at the department. We also review the other big stories of the week, including Wananchi’s plans to deploy fibre to the home in Kenya, the “I’m been unfairly maligned” speech by Telkom’s nonexecutive chairman, Jeff Molobela, the impending collapse of pay-TV operator Super 5 Media, the launch of DStv Mobile’s streaming video service, and much more.
Telkom nonexecutive chairman Jeff Molobela, under fire for allegedly overstepping his mandate and interfering in the day-to-day operations of the group, has hit back at his critics, saying he’s been unfairly maligned. Molobela used a press conference in Johannesburg on Wednesday to slam “innuendo from a number of quarters” and refute claims that he “recklessly ignored corporate governance”.
Outgoing Telkom chief financial officer Peter Nelson has sold nearly R1,8m worth of the group’s shares in the open market just days after he announced he would be stepping down from the telecommunications group. Telkom informed the market late on Tuesday that Nelson sold 53 421 ordinary shares last Friday, 23 July, a week after he surprised shareholders by announcing he would step down.
Reuben September’s decision to step down early as CEO of Telkom wasn’t unexpected. All eyes are now on the board, which must appoint his successor. Will it make the right choice? Or will the decision be political? It was probably inevitable that September didn’t stick around at Telkom until his con- tract ended in November. When the board elected not to renew his contract, the long- serving Telkom executive took it badly, say company insiders.
Telkom’s chief financial officer, Peter Nelson, appears to have quit his job in part because of frustrations with the way the telecommunications group is being led by its board of directors. Telkom surprised the markets on Tuesday afternoon when it announced that Nelson had tendered his resignation just days after CEO Reuben September left the group.
Politics. That may be the real reason Telkom CEO Reuben September’s contract is not being renewed when it expires in November. According to well-placed sources, he’s had a troubled relationship with the ANC under President Jacob Zuma after he oversaw the disposal of Telkom’s 50% stake in Vodacom. To understand the background, one has to go back to May