Telkom Group CEO Sipho Maseko will step down at the end of this month, half a year earlier than originally panned.

In a statement to shareholders issued via the JSE on Tuesday, Telkom said CEO-designate Serame Taukobong will take the reins from Maseko on January 1, 2022.

“The leadership transition plan is progressing effectively. As part of this plan, Sipho will step down from the Telkom board and those of subsidiaries, and remain an employee of Telkom until June 30, 2022. During this period, Sipho will be available to the new group CEO and the board in an advisory capacity,” it said.

“The board is confident of the stability of the group and would like to thank Sipho for his commitment to an orderly leadership transition,” it added.

Maseko, who joined Telkom on April 1, 2013, is credited with turning around the company’s fortunes. At the time, Telkom was in dire straits. The share price more than tripled on his watch as he set about restructuring and streamlining the organisation to better compete in a liberalised telecommunications market.