Respected business leader Sello Moloko has decided to step down as independent non-executive director and chairman of the board of directors of the Telkom telecommunications group, citing workload reasons.
Telkom broke the news of Moloko’s departure on Wednesday morning through a Sens announcement, where the state-owned majority company noted that Moloko’s deadline would be no later than March 31, 2023, although it has yet to be set.
Read: Telkom reports more than 50% drop in half-year profit
“Mr Moloko was appointed as an independent non-executive director of the board on 20 March 2018 and became the chairman of the board in June 2019. He served as a member of the awards committee and the chairman of the nomination committee. These board committees will continue to be duly constituted following Mr Moloko’s resignation,” Telkom said.
“The board and management are grateful to Mr. Moloko for his valuable contribution and leadership, especially during the difficult economic times imposed by the Covid-19 pandemic.”
With over 30 years of experience in the financial services industry, Moloko also serves as a non-executive director and chairman of banking giant Absa.
She officially took over as chairman of Absa Group in April 2022, succeeding her predecessor, Wendy Lucas-Bull, who completed a nine-year term.
Read: Telkom down more than 22% after MTN exit
A report by Business Day on Wednesday said Moloko urged the Prudential Authority – an arm of the South African Reserve Bank (Sarb) – to shed its position in Telkom and focus on Absa instead.
Citing anonymous sources with knowledge of the matter, the report further stated that Mteto Nyati, the former CEO of Altron and MTN South Africa, was being eyed by Telkom as the next chairman.
However, Nyati joined BSG, a business technology consultancy, where he acquired a 40% stake and assumed the role of executive chair.
Read: Mteto Nyati takes 40% stake in BSG