Telkom gets a new CFO

Tsholofelo Molefe will take over as Telkom’s group chief financial officer on 1 July, replacing long-serving company executive Deon Fredericks, who moves into the newly created role of chief investment officer.

Molefe is a chartered accountant who joined Telkom in July 2016 as a deputy chief financial officer. She was appointed to the group executive committee as chief risk and compliance officer in April 2017 to strengthen internal controls across the group as the operating model evolved.

“Controls have now been aligned with the new operating model and the group has progressed to a level of confidence to reincorporate this function into the chief financial officer role,” the JSE-listed telecommunications operator said in a statement on Wednesday.

In the new role of chief investment officer, Fredericks will focus on the group’s investments to ensure its “participation in future revenue pools as it enters the growth phase of its strategy”, said group CEO Sipho Maseko in a statement.

“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 said.

The move, he said, will allow Telkom to focus more on its 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.” — © 2018 NewsCentral Media