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Telkom has announced that it has appointed Nonkululeko Dlamini, the outgoing CFO of Transnet, to take on the same role within the Telkom Group, effective from the start of December. Additionally, Mteto Nyati, former MTN CEO, has resigned from Telkom’s board due to recent developments that have resulted in “capacity constraints.”
Nonkululeko Dlamini previously held the position of CFO at the Industrial Development Corporation (IDC) and served as the acting CFO at Eskom, where she also occupied various other managerial roles. She is a qualified chartered accountant with experience as a non-executive director on the boards of Kumba Iron Ore and the Small Enterprise Finance Agency.
The current CFO, Dirk Reyneke, will transition into the role of Chief Capital Projects Officer, which includes responsibility for overseeing the next phase of the group’s “ROIC (Return on Invested Capital) Model.”
Telkom, valued at approximately R12 billion on the JSE, has witnessed a nearly 50% decline in its share price over the past year. The company has recently faced significant impairments, restructuring costs, and power supply challenges (load shedding). It also grapples with a net debt of nearly R17 billion as of the end of March.
While Telkom has declared its lack of interest in splitting its assets or diluting its holdings in key business areas, it has been actively seeking strategic partners. Additionally, Telkom has expressed its willingness to sell its masts and tower business, Swiftnet, in its entirety.
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