The company announced that his fixed four-year contract will come to an end in March next year.
MTN Group CEO to step down in 2021; Ghana business tops group's earnings
MTN group president and Chief Executive Officer (CEO) Rob Shuter will step down in March 2021.
In an announcement accompanying its results for 2019, MTN said: “under his leadership significant progress has been made, including establishing and effectively communicating a clear vision and strategy, driving the resolution of a number of complex matters and delivering significant improvements in transformation, operational performance, and staff morale.”
He joined MTN in 2017. Before joining, Shuter headed some of Vodafone’s European operations. At a point, he was also Chief Financial Officer of Vodacom in South Africa.
The board, led by MTN chairman, Mcebisi Jonas, is expected to appoint a new CEO during 2020.
Meanwhile, MTN recorded a 9.7% growth in its revenue for the year. Ghana and Nigeria recorded a 22.9% and 12.6% increase respectively. MTN’s revenue grew by only 0.4% in South Africa.
MTN explained that its income in South Africa was affected by the new rules about out-of-bundle data and data rollovers. It also took a hit as part of its contract to supply Cell C with roaming services.
MTN’s voice revenue increased by 4.2%, while data revenue grew by 22.4%. Its subscribers increased by 18.2 million to 251 million.
The group reported a 13.6% increase in Ebitda (earnings before interest, tax, depreciation, and amortization).
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