Johannesburg, 26 Apr 2005
Telkom CEO Sizwe Nxasana has decided not to renew his contract after seven years at the helm of the telecommunications provider.
Lulu Letlape, Telkom group executive for corporate communications, says Nxasana made the announcement at a Telkom board meeting yesterday. His contract expires on 31 December.
Letlape says Nxasana`s reasons for leaving are purely personal and he has plans for the future.
Nxasana joined Telkom in April 1998, and his salary package has raised concerns from time to time. According to the group`s annual report filed with the US`s Securities and Exchange Commission last year, Nxasana`s total package in the financial year to 31 March was R11.14 million.
"Nxasana was not only a great asset to Telkom but contributed tremendously in terms of driving the organisation to new challenges, and the board has accepted his decision to pursue new challenges," says Letlape.
She says that in the coming seven months Telkom will look for a suitable candidate to fill Nxasana`s shoes.
"The board does not want to speculate, but Nxasana`s decision not to renew his contract gives the board ample time to go through a proper process of appointing someone who will succeed Nxasana," says Letlape.
She adds that Nxasana will attend to his duties as CEO until his contract expires, and that once the board appoints a new CEO, Nxasana will help him or her to learn the ropes.
Before joining Telkom, Nxasana was national managing partner for Nkoki Sizwe Ntsabula. His qualifications include a BCom from the University of Fort Hare and BCompt honours from the University of South Africa. He is a chartered accountant.
Nxasana declined to comment on his decision to leave Telkom.
The Telkom share was trading at R101 on the JSE this morning, up 120c from yesterday`s close of R99.80.
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