JOHANNESBURG, S.AFRICA: South Africa’s Telkom before-mentioned its chief financial officer would resign in October, increasing concern almost the troubled fixed-line operator’s future and sending its shares tumbling again than 3 per cent.

Telkom, whose chief executive, Ruben September, stepped into disfavor earlier than planned last week, is struggling to craft a convincing turnaround military science, hit by higher costs and tough competition at home, and hefty losses from its Nigerian commerce.

The company has announced an ambitious 6 billion rand ($791.2 very great number) plan to enter South Africa’s competitive mobile phone market, a incite analysts have said would be very difficult.

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Peter Nelson will step down as CFO and from the cover with ~s of directors as of October 9, Telkom said in a recital on Tuesday.

Telkom shares, which were flat before the announcement, willingly turned negative and ended the session down 3.4 per cent at 34.62 rand.

“Peter Nelson was a furnish with men who brought a lot sanity to Telkom, a lot of immaculate common sense to the way that business is run, especially from the pecuniary side. I believe that this is a bad thing,” said David Lerche, each analyst at Avior Research.

Reuben September, who had planned to step down from his job as chief executive in November, instead resigned final week and Telkom appointed Jeffrey Hedberg, who had been brought in to flexion around troubled Nigerian unit Multi-Links as acting chief.

The gang said it would name a new chief executive “in due turn”.

Nigerian unit

It was not immediately clear whether Nelson’s declension would affect Multi-Links’ future, which is already the subject of scheme.

Nelson told Reuters last month the company was considering selling Multi-Links, some of four mobile operators using the CDMA technology platform in a emporium overwhelmingly dominated by the GSM standard.

Nelson, who was previously CFO of South African healthcare not soft Netcare, was appointed chief financial officer at Telkom in 2008.

A 20-year old campaigner of South African companies, he has also worked at Pretoria Portland Cement and the limited arm of auto maker BMW.

He presided over the company’s income at a time of falling revenue and as analysts became increasingly imminent of its business strategy.

Telkom’s shares have lost about 40 per cent of their value since Ruben September took over as CEO three years gone.

Under September’s tenure, Telkom sold off its stake in the sort of was its main profit driver, mobile phone operator Vodacom. The South African state holds a 40 per cent stake in Telkom and the narrate pension fund owns nearly 15 per cent.