Phuthuma Nhleko, the chairman of MTN Group, will stand down in two and a half years as the mobile phone operator replaces its top leadership after being hit with a massive fine by the Nigerian authorities.
The mobile phone operator hasn’t started compiling a list of possible replacements. Nhleko assumed the position of executive chairman on 9 November 2015 in order to resolve the Nigerian fine or what the firm calls a “very difficult challenges that the company experienced at the time”.
Given the appointment of Rob Shuter as group president and CEO, MTN informed investors that Nhleko will revert to his role as non-executive chairman as soon as Shuter assumes his new position as soon as is practicably possible.
Until then, in order to facilitate a smooth transition MTN Group CFO, Brett Goschen, and the new VP M&A and Strategy, will assume clearly defined additional responsibilities under the guidance of the executive chairman.
“Phuthuma remains fully committed to the MTN Group and will continue to provide the necessary leadership as non-executive chairman for the next two and a half years when he plans to step down as chairman,” the mobile phone operator informed investors on Monday.