Telkom announced that its CEO Sipho Maseko will step down on 30 June 2022 after leading the company for the last eight years.
Telkom has not appointed a successor yet, but this process is underway. A designated CEO is expected to be announced soon.
Maseko joined Telkom on 1 April 2013 and helped to turn the business around after facing severe challenges.
He was also behind evolving Telkom from a traditional fixed business to a portfolio of businesses, including mobile, IT, wholesale infrastructure, and masts and towers.
He also helped oversee Telkom’s migration from ADSL to fibre, and the number of homes connected with fibre now exceeds the number of homes connected with copper.
In a letter to staff on Friday, Maseko discussed his eight-year journey at Telkom. The full letter is embedded below.
Today, 8 years, 3 months and 23 days ago, I entered my office on the 24th floor in Telkom Towers North in Pretoria for the first time. I remember it like it was yesterday. I remember the anxiety and the unfamiliarity that comes from being the new kid on the block. Mostly, though, I remember feeling excited and determined; determined to do the job and do it right, and determined to build a new, better Telkom. This has always been of utmost importance to me: always leave a place better than you found it.
My moment of leaving is now taking shape. I have informed the Board that I will be stepping down as Group CEO of Telkom Group on 31 March 2022. My final day of service will be 30 June 2022, in other words after the annual results, and on completion of my notice period.
The right time to leave
As my Telkom journey enters the home straight, the foremost question on my mind is this: is Telkom a better place?
Eight years ago, the mission was very clear: we must save the company, get it to be sustainable and able to hold its own in the future relative to its peers. I’m broadly satisfied that this mandate has been fulfilled. Today, Telkom is a stable company. We have de-risked our business, we have a very clear strategy for each of the business units. We are on a clear and definite path to unlock value for our shareholders, indeed all our stakeholders. It wasn’t an easy ride, but our perseverance has paid off. I remain very optimistic and confident about our strategy and the future of the company.
So, this is the right time for me to step aside and make way for a new leader able to take Telkom to even greater heights. The Board will soon make a separate announcement in this regard.
We built Telkom together
Telkom is by far the most exciting, complex, challenging and fascinating “project” I’ve ever been part of. In fact, I quickly fell in love with the firm. Its history, role in South Africa, achievements, challenges and possibilities made me decide to spend the better part of my adult career here.
I am so proud and so very thankful for many things. I can’t begin to list them all in this communiqué. But let me say this: I am most thankful to you, my colleagues across our country, for trusting me to lead Telkom, and for supporting me throughout this journey; a journey that often took us to unexplored places.
Not only does Telkom have talented people, the company is blessed with people who are willing to make sacrifices. And over the years, people have sacrificed. For this, past and present employees have my thanks and utmost respect. I know this attitude will continue to serve the firm well as the future unfolds. Long may Telkom’s prosperity last!
For the next eight months until our financial year-end, I will give my all to ensure we meet, or even exceed, our financial and non-financial objectives – one last push to ensure Telkom continues to evolve into a better place.
We will hopefully be able to engage and meet up over the next eight months to reflect on where we came from, and where Telkom is heading.
I thank every one of you.