S.Africa’s Telkom says CEO to step down next year

JOHANNESBURG: Shares in South Africa’s Telkom slumped on Friday after the company announced that CEO Sipho Maseko would step down at the end of June next year after more than eight years at the helm of the country’s third-biggest telecoms provider .

Maseko, who is also the executive director of the group, had been brought to Telkom in 2013, when the company was facing declining fixed-line voice revenue, bulk of its business back then, as consumers were moving to mobile and data services.