Telkom reshuffles executives as it signals investment intent
Finance chief Deon Fredericks becomes chief investment officer, and is succeeded by his deputy, Tsholofelo Molefe
In a move that signals its intention to step up its investment game, Telkom said on Wednesday that finance chief Deon Fredericks had been moved into the newly created role of chief investment officer. Fredericks would “be tasked with improving returns from existing investments while also looking for future opportunities”, a company representative, speaking on condition of anonymity, told Business Day. Deputy finance head Tsholofelo Molefe would take over from Fredericks and the deputy position would fall away, the representative said. Mergence Investment Managers portfolio manager Peter Takaendesa said Telkom had been “thinking very actively about succession planning”, having placed younger staff members in key roles. Telkom was also clearly aiming to focus more on investments and could spend up to R4bn on deals while keeping debt below its stated threshold, Takaendesa said. The group has said it aims to keep the ratio of net debt to earnings before interest, taxes, depreciation and...
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