ANTHONY BUTLER: If only Telkom rebound could pave way for ailing SOEs

The career of former Telkom CEO Sipho Maseko, who stepped down at the end of last year after nine successful years at the helm, raises interesting questions about the future of our state-owned enterprises .

Maseko joined Telkom in 2013 alongside incoming chair the late Jabu Mabuza. A turnaround strategy was drawn up and implemented. The company caught up with its rivals in mobile telephony, information technology and fibre. A smooth transition plan means these advances will continue into the future. Or so we hope.

We have seen a reshuffling of utility boards and CEOs since Ramaphosa became president in February 2018, but little progress with structural reforms. Impediments include the role of parastatal supply chains in formal and informal political funding; the power of “privatisation” resistant trade unions; and an ideological predisposition towards state-driven development.

Like Maseko, Barnes enjoyed the broad support of his board, and the parastatal was recapitalised by the state to enable its rejuvenation. However, he resigned a little more than two years ago as a result of a disagreement about the full integration of Postbank and Sapo. At the time he claimed Sapo had “turned a corner”, and insisted his comprehensive overhaul of the executive team had put in place a firm foundation for continued success.

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