Telkom appoints outgoing Transnet finance boss as new CFO

Telkom has announced the appointment of outgoing Transnet chief financial officer (CFO) Nonkululeko Dlamini as its new group financial head and executive director.

Telkom’s board said Dlamini would assume her new role as CFO from 1 December 2023.

Dlamini is a qualified chartered accountant and served as CFO at the Industrial Development Corporation of South Africa and acting CFO at Eskom before her tenure at Transnet.

She also held various other management positions within Eskom.

“Ms Dlamini has experience serving as a Non-Executive Director on the boards of Kumba Iron Ore Limited and Small Enterprise Finance Agency,” Telkom’s board added.

“The board looks forward to welcoming Ms Dlamini as the group CFO and to the board and looks forward to her contribution to the company.”

Telkom’s announcement came on the same day that Transnet released a statement confirming Dlamini’s departure, alongside CEO Portia Derby, who will be leaving the state-owned company at the end of October 2023.

The resignations followed criticism from mining companies over their failure to arrest Transnet’s decline.

Nonkululeko Dlamini, newly-appointed Telkom Group chief financial officer.

Current Telkom group CFO Dirk Reyneke will step down from the board and assume the role of chief capital projects officer.

His job will include overseeing the next phase of the group-wide Return-on-invested-capital model implementation.

“In addition, Mr Reyneke will work closely with Ms Dlamini to ensure her seamless transition to the Group CFO role,” Telkom’s board said.

The board also notified Telkom shareholders that former Altron CEO Mteto Nyati resigned from the Telkom board as non-executive director, effective from Friday, 29 September 2023.

“His resignation follows recent developments which have resulted in capacity constraints on his side,” Telkom said.

Nyati has also been serving on Eskom’s board since October 2022, where he is in charge of the business operations performance committee.

“The board thanks Messrs Reyneke and Nyati for their invaluable contributions to the Company during their tenure and wishes them well for the future,” Telkom’s board said.

Mteto Nyati,  former Altron CEO and non-executive Telkom director

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Telkom appoints outgoing Transnet finance boss as new CFO