Telkom share leaps higher on board hires - TechCentral

Telkom share leaps higher on board hires

Telkom’s share price jumped more than 4% in intraday trading after it announced the appointment of five independent nonexecutive directors to fill posts vacant since October. The share closed up by 3,5%, a rare strong move for a company whose share price has tumbled by almost 45% over the past year.

Chairman Jabu Mabuza welcomed the new appointments’ positive contribution to the company. “It is encouraging that in just a few weeks we have made significant strides in addressing the issues of leadership and government relationships with Telkom,” he said.

Joining the board were former Absa directors Louis von Zuener and Santie Botha, Anglo American Southern Africa head Khanyisile Kweyama, Global Alliance MD Clive Fynn and Employee Pension Fund investment trustee Fagmeedah Peterson.

The company now had a 14-member board and was looking for a new group CEO to replace Nombulelo Moholi, who was serving her notice period.  — Sapa

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