Sello Moloko to step down as Telkom chairperson

Respected business leader Sello Moloko has decided to resign from his position as independent non-executive director and chairperson of the board of directors of telecommunications group Telkom, citing workload reasons as being behind is departure.

Telkom revealed the news of Moloko’s departure via a Sens announcement on Wednesday morning, where the majority state-owned company noted that although Moloko’s final date has not yet been set, it will be no later than 31 March 2023.

Read: Telkom flags a more than 50% fall in half-year earnings

“Mr Moloko was appointed as an independent non-executive director of the board on 20 March 2018 and became chairperson of the board in June 2019. He served as a member of the remuneration committee and chairperson of the nominations committee. These board committees will remain duly constituted following Mr Moloko’s resignation,” Telkom said.

“The board and management are grateful to Mr Moloko for his valuable contribution and leadership particularly during the challenging economic times imposed by the Covid-19 pandemic.”

Increasing workload

Moloko, who has extensive experience spanning over 30 years in the financial services industry, also serves as the non-executive director and chairman of banking giant Absa.

He officially commenced his role as Absa Group chairman in April 2022, taking over from predecessor Wendy Lucas-Bull, after she completed a nine-year term in the role.

Read: Telkom plunges over 22% after MTN walks away

A report by Business Day on Wednesday stated that Moloko was urged by the Prudential Authority – an arm of the South African Reserve Bank (Sarb) – to let go of his position at Telkom and focus on Absa instead.

The report which cites anonymous sources with knowledge on the matter reportedly further told the publication that former CEO of Altron and MTN South Africa Mteto Nyati was being considered by Telkom as the next chair.

However, Nyati has joined business technology consultancy company BSG, in which he has acquired a 40% stake and has taken up the role of executive chair.