Outgoing Telkom chairman Jeff Molobela has been replaced by Lazarus Zim, who was previously MD of MTN International.
Molobela officially retired as chairman of the fixed-line operator's board yesterday, but has been re-appointed as a non-executive director for another three years. Zim, who took over as chairman yesterday, will serve as chairman for a year and a non-executive director for three years.
Zim studied at the universities of Fort Hare and Witwatersrand, before obtaining a masters degree in commerce from the Rand Afrikaans University and an honorary doctorate of commerce from the University of Fort Hare.
Telkom's new chairman has served as CEO of the M-Net Channel, MD of M-Net SuperSport, CEO of MIH South Africa, MD of MTN International, and an executive director of the MTN Group.
Zim's appointment was among several made to Telkom's board by government as it exercised its rights under its class A shares. Government owns 39.8% of Telkom.
Navin Kapila has also been appointed as a non-executive director for a three-year period. Reitumetse Huntley and Julia Hope have been re-appointed as non-executive directors for a period of three years. Victor Lawrence's appointment as a non-executive director was “terminated” with effect from Tuesday.
Irnest Kaplan, MD of Kaplan Equity Analysts, says Zim has a technology and telecoms background, which could be beneficial to the fixed-line operator. “Hopefully he can steer the board in the right direction.”
However, Kaplan points out the board is still short two key appointments as acting CEO Jeffrey Hedberg leaves in March. In addition, Deon Fredericks is an acting CFO.
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