Telkom gets another new director
Telkom has announced that it has appointed investment banker, Leslie Maasdorp, to its board as a non-executive director.
This follows the appointment of several new non-executive directors to the struggling company’s board earlier in the week.
Maasdorp is currently president for Southern Africa at Bank of America Merrill Lynch. In addition to his extensive experience over the past 10 years as a senior investment banker in South Africa, he has served in various capacities in Government, including as Deputy Director General of the Department of Public Enterprises, and was a former Special Adviser to the Minister of Labour in 1994.
Telkom’s Group Chief Executive Officer, Nombulelo Moholi said, “We are pleased that the process to fill the vacancies on the board is moving swiftly. Mr Maasdorp’s wealth of knowledge and expertise is a valuable contribution to Telkom.”
His previous Board experience includes serving as a non-executive director of Absa Group and Johnnic, and he is a former Chairman of TCTA. His banking experience includes serving as International Adviser to Goldman Sachs International and Vice Chairman of Absa Capital.
Maasdorp is the current Chairman of Advtech, a JSE listed company and provider of private education in South Africa.
He has resigned with immediate effect from the board of Cell C, where he has served as an independent non-executive director for the past 4 years.
He holds a BA degree in Economics and Psychology from the University of the Western Cape and a M.Sc degree in Economics from the School of Oriental and African Studies at the University of London.
New board members
On Monday (12 November 2012) Telkom announced the appointment of several non-executive directors including Jabulane Albert Mabuza, previously an MD of Southern Sun Gaming, GCEO of Tsogo Sun and chairman of the Board of South African Tourism.
Kholeka Mzondeki was also appointed to the board. She previously served as CFO of Mintek and Masana Petroleum Solutions, while other board memberships and audit committee positions include Reunert, Sentula Mining and Bauba Platinum.
Mzondeki was also appointed as a member of the Telkom Audit Committee.
Telkom has had a difficult 2012, having seen its share price plummet almost 50% this year, from a high of R29.75 in early February, to a close of R15.80 on the JSE on Thursday (15 November).
This follows on a string of events which have had a negative impact on the company – such as a blocked deal between Telkom and Korean telecoms company KT Corp earlier in the year; the department of communication’s uncertain direction for the company; a mass executive exodus after a turbulent AGM; and the announcement that CEO, Nombulelo Moholi, would be stepping down.
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