Johncom fires CEO Connie Molusi JOHANNESBURG

Johncom fires CEO Connie Molusi JOHANNESBURG

The board of South Africa’s second biggest media and entertainment company, Johnnic Communications, has dismissed its Chief Executive Connie Molusi, Johncom said on Monday.

Johncom said in a statement it had lost confidence in Molusi and had terminated his employment, but did not give further details. “Johncom and Molusi could not reach agreement on the reasons for the board’s loss of confidence in Molusi and his ability to lead the company,” said Monday’s statement, which Johncom said was signed by Molusi and Johncom Chairman Mashudu Ramano.The company, which publishes South Africa’s top-selling Sunday newspaper the Sunday Times and tabloid Sowetan, suspended Molusi on full pay earlier this month pending the outcome of a hearing into his performance.It said at the time executive directors and divisional chief executives under Molusi’s deputy Prakash Desai were managing the business.Monday’s statement did not say who would take over as chief executive.Johncom has denied that Molusi’s suspension was related to talks about a deal to bring black investors on board to meet South African rules on black ownership, management and procurement.Local media reports had said Molusi was at loggerheads with Ramano over the firm’s black empowerment strategy, aimed at giving South Africa’s black majority more control of its post-apartheid economy.Nampa-Reuters”Johncom and Molusi could not reach agreement on the reasons for the board’s loss of confidence in Molusi and his ability to lead the company,” said Monday’s statement, which Johncom said was signed by Molusi and Johncom Chairman Mashudu Ramano.The company, which publishes South Africa’s top-selling Sunday newspaper the Sunday Times and tabloid Sowetan, suspended Molusi on full pay earlier this month pending the outcome of a hearing into his performance.It said at the time executive directors and divisional chief executives under Molusi’s deputy Prakash Desai were managing the business.Monday’s statement did not say who would take over as chief executive.Johncom has denied that Molusi’s suspension was related to talks about a deal to bring black investors on board to meet South African rules on black ownership, management and procurement.Local media reports had said Molusi was at loggerheads with Ramano over the firm’s black empowerment strategy, aimed at giving South Africa’s black majority more control of its post-apartheid economy.Nampa-Reuters

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