MTN Group CEO to step down in 2021; Ghana business tops group's earnings

The company announced that his fixed four-year contract will come to an end in March next year.

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).