June 27, 2018 / 7:27 AM / a year ago

UPDATE 1-S.Africa's Telkom says CFO to move to investment role

(Adds CEO comment, background)

JOHANNESBURG, June 27 (Reuters) - Telkom SA Chief Financial Officer Deon Fredericks will move to the role of chief investment officer at the end of the month, the South African landline provider said on Wednesday.

Telkom is looking to grow having completed a turnaround plan in 2016 aimed at lowering costs and allowing it to better compete with wireless operators MTN Group and Vodacom .

This includes focusing on new revenue streams such as mobile and broadband.

Fredericks, 57, will be replaced by Tsholofelo Molefe who joined the company in 2016 as deputy CFO and was appointed as chief risk and compliance officer last year.

“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,” Chief Executive Sipho Maseko said.

“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.”

Under Maseko, Telkom has been expanding its mobile business to offset declines in traditional voice services.

It is also investing to migrate customers away from copper based technology to faster technologies such as fibre, LTE and VDSL as customers seek faster internet for richer content. (Reporting by Nqobile Dludla; editing by Louise Heavens and Jason Neely)

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