Telkom separates out a new entity: Openserve
Telkom recently announced that it will be spinning off its wholesale division as a separate business. The new business, called Openserve, will have its own brand identity and intended to service the entire telecommunications market.
- CFO South Africa held an event recently, during August, where CFOs discussed their role as change agents. Telkom CFO, Deon Fredericks, attended. Read more here.
Speaking at the Johannesburg launch, Telkom CEO, Sipho Maseko (pictured), said this separation - which he also noted was important for Telkom - would have a significant impact on SA's economy. He also said it would help bridge the digital divide.As a standalone business unit within Telkom, Openserve will be autonomous. It will also be responsible for its own profit and loss account.
Telkom furthermore said in a statement:
"The separation heralds a new era in the Telkom group as it prepares to welcome a more open-access environment and all the opportunities it offers. This move is also in line with Telkom's turnaround strategy to separate its wholesale and retail divisions to facilitate greater focus, accountability and most importantly, customer centricity."