UPDATE: Telkom Names Telecoms Veteran Hedberg Interim CEO
July 09 2010 - 11:12AM
Dow Jones News
Telkom SA Ltd. (TKG.JO), South Africa's dominant fixed-line
phone company, has appointed an industry veteran as its interim
chief executive officer and agreed the company's outgoing leader
should step aside until his official leaving date.
Jeffrey Hedberg will be acting CEO and Reuben September, whose
retirement from the company was announced last month, will assume a
consulting role until Nov. 1, Telkom said.
The company has begun looking for a successor to September, and
said the outgoing CEO would step down now because of "uncertainty
that prevails during such transition periods."
Hedberg, named one of the top 25 global executives under 40 by
Fortune Magazine in 2001, was a year ago appointed CEO of Telkom's
struggling Multi-Links unit in Nigeria. He was previously CEO of
Cell C Ltd., South Africa's No. 3 mobile-phone operator, which he
helped turn around. He also served several senior positions at
Deutsche Telekom AG (DTE.XE) and Swisscom AG (SCMN.VX).
"Apart from Jeffrey's exposure to and understanding of the
telecommunications industry in a global context, he has also proven
his effectiveness in dealing with analysts, investors, government
departments and the markets," September said of him in July
2009.
Telkom in early June said Reuben September would step down when
his contract expires in November.
September has been with the former state monopoly for more than
three decades, and has been CEO since November 2007, a period
during which the company's fortunes have waned amid stiffening
competition. He led the disposal of Telkom's 50% stake in mobile
operator Vodacom Group Ltd. (VOD.JO), which had been its earnings
driver and is now majority owned by Vodafone Group PLC (VOD).
-By Robb M. Stewart, Dow Jones Newswires; +27 11 783 7848;
robb.stewart@dowjones.com
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