The surprise resignation of Telkom chief financial officer Peter Nelson could point to deeper problems at the telecommunications group, say analysts. Birgitta Cederstrom Nicholson, technology research head at Frost & Sullivan, says Nelson’s resignation and the early exit of the company’s CEO, Reuben September, is reason for concern.
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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.
In a shock development, Telkom chief financial officer Peter Nelson has resigned from the telecommunications group. The move comes less than a week after the departure of group CEO Reuben September. In a short statement issued to the JSE’s Sens news service on Tuesday afternoon, Telkom says Nelson has informed the board of his resignation as director and chief financial officer with effect from 9 October 2010.
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Vincent Raseroka has been appointed as acting CEO of Multi-Links, Telkom’s deeply troubled operation in Nigeria. Raseroka will hold the post while the telecommunications group searches for someone to replace Jeffrey Hedberg, who has been appointed as Telkom CEO, replacing Reuben September. Raseroka, who had been Multi-Links’s chief operating officer, takes over with immediate effect. He was previously CEO of SAA technical and held various executive positions at packaging business Nampak.
Former Cell C CEO, American national Jeffrey Hedberg, has been appointed to lead Telkom as group CEO in an acting capacity following a decision by Reuben September to end his contract early. September, who has been expected to leave Telkom in November, has elected to leave now. Senior sources at Telkom say developments in recent weeks, in which the board decided not to renew his contract, have taken a toll on September’s health.
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
The ongoing poor performance at Telkom’s Multi-Links subsidiary in Nigeria may have been the trigger that group chairman Jeff Molobela…
Mounting losses at Multi-Links, Telkom’s failing Nigerian subsidiary, are set to drag down the fixed-line telecommunications operator’s profits in the…
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