SHARES in South Africa’s Telkom slumped on Friday after the company announced that CEO Sipho Maseko would step down at the end of June next year after more than eight years at the helm of the country’s third-biggest telecoms provider .
Maseko, who is also the executive director of the group, had been brought to Telkom in 2013, when the company was facing declining fixed-line voice revenue, bulk of its business back then, as consumers were moving to mobile and data services.
Under Maseko’s leadership, Telkom said it had assembled an array of mobile, IT, wholesale infrastructure businesses and along with a mast and tower portfolio.
The mobile business grew to become the third largest in South Africa with more than 15 million customers, generating 20 billion rand ($1.35 billion ) of revenue, Telkom said.
“I feel now is the right time for me to step aside and make way
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