Black business doyen Jabu Mabuza was elected chairman of troubled telecommunications group, Telkom, today in a move that should not surprise readers after our article this week.
In that piece we noted that Mabuza’s star was on the rise after Telkom announced that he was elected to its board together with Kholeka Mzondeki.
In that announcement Telkom said “these appointments bring the number of directors to eight, which is the minimum requirement of the Memorandum of Incorporation. The group said board will also meet in due course to appoint a new chairman and make appointments to board subcommittees where necessary”.
Telkom said today Mabuza was elected as chairperson of the board with immediate effect. In addition to his recent BUSA presidency Mabuza rose through the ranks of the gambling and leisure industries. He has served as the MD of Southern Sun Gaming, GCEO of Tsogo Sun and has served as a Chairman of the Board of South African Tourism. Mabuza is currently the deputy chairperson of Tsogo Sun Holdings.
His appointment comes after Telkom lost seven board members in the past month or so. Lazarus Zim had earlier indicated that he would be relinquishing the chairperson’s post. He did so during an AGM last month. Then government together with the Public Investment Corporation voted out four nonexecutive directors namely Sibusiso Sibisi, NP Mnxasana, PCS Luthuli and Y Waja. This was followed by the resignation of Telkom CEO Nombulelo Moholi and one other nonexecutive director Phakama Dongwana. Moholi is serving a six month notice.
This left Telkom with a skeletal board adding woes to its financial troubles.