Telkom announces executive changes to drive investment strategy

Telkom has appointed Tsholofelo Molefe as Group CFO. (Photo: File, Gallo Images)
Telkom has appointed Tsholofelo Molefe as Group CFO. (Photo: File, Gallo Images)

Telkom [JSE: TKG] has appointed Tsholofelo Molefe as its new Group Chief Financial Officer (CFO), as former CFO Deon Fredericks will move to the role of Chief Investment Officer (CIO) .

According to a statement issued by the company on Wednesday morning, the CIO role will allow greater focus on Telkom’s investment strategy.

“Our most recent set of annual financial results shows that our new revenue streams are beginning to offset Telkom’s traditional revenue streams. This confirms that we made the right investment decisions at the right time,” said Group CEO Sipho Maseko.

“The role of Chief Investment Officer enables greater focus on Telkom’s investments to ensure the group’s participation in future revenue pools as it enters the growth phase of its strategy,” the statement read.

“Deon’s experience, intimate knowledge of the business and our resource allocation philosophy, makes him an ideal candidate to drive our investment strategy following his positive contribution to the turnaround phase of the business,” Maseko added.

In a separate note to shareholders on Wednesday morning, the group said Molefe had been actively involved in the strategic decisions of the group over the last two years and has gained valuable experience and knowledge of the businesses across the group.

She first joined Telkom as a chartered accountant in July 2016 as a deputy chief financial officer. She was later appointed to Group Exco as Chief Risk and Compliance Officer on April 1, 2017 to strengthen internal controls across the group as the operating model evolved, the notice read.

She was formerly a CFO at Eskom and has held various senior positions at other companies like ABSA and Liberty.

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