Having concluded an agreement with the Nigerian authorities over a fine imposed for failure to register subscribers, MTN Group has announced a change in the composition of the board of directors of the company, as well as reconstitution of the board of its local operation.
The mobile phone operator informed investors on Monday that it has resolved to refresh the board, deepening the commercial experience on both the group and MTN South Africa boards with a view to improving the risk and governance profile of the group.
The appointment of new board memebrs is effective 1 August 2016.
The MTN Group new board members includes:
- Paul Hanratty – a veteran of Old Mutual, which he joined in 1984. He is an experienced executive director of a FTSE 100 financial services group with interests in insurance, asset management and banking in the UK, US, Africa, Asia and Latin America. Paul has extensive M&A experience in multiple countries, including four insurance acquisitions in Sub Saharan Africa.
- Stan Miller – currently working with Len Blavatnik in London and Capital Group in New York. Stan is also an executive Chairman for MTS, their telecommunications conglomerate which covers investments in multiple emerging countries. Before relocating from South Africa, Stan was part of M-Net founding management team then subsequently joined Nethold where he served in various senior management roles before becoming Chief Executive Officer.
- Nkululeko Sowazi – He was born in Soweto, was educated in Swaziland and then in the US (Los Angeles) when he obtained a MSc in Urban Planning. After his return to SA in 1991, he joined Kagiso Trust, then the Urban Development Trust, before joining Tiso and setting up his own fund. Thereafter, he led the merger with Kagiso Trust to form KTH. KTH is a leading black-owned investment company with in excess of R15 billion in assets and a net asset value of R10 billion.
The telco also announced the appointment of MTN South Africa’s new board members with effect from 1 July 2016.
The include Mike Harper, Lerato Phalatse, Mike Bosman and Trudy Makhaya.
“The extensive commercial experience of these additional directors will greatly benefit MTN South Africa,” the mobile phone operator informed investors on Monday.