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South Africa: MTN confirms Ramaphosa’s retirement

May 29, 2013 • Mobile and Telecoms, Top Stories

Following the MTN Group’s Annual General Meeting, held on 28 May 2013, the mobile services operator has confirmed the retirement of Cyril Ramaphosa as non-executive director and Chairman of MTN.

The MTN Group has confirmed the retirement of Cyril Ramaphosa as non-executive director and Chairman. (Image source: Google/pbase.com)

Ramaphosa has served as Chairman of the MTN Board since 2001.

The company stated in an official release to the media that “the Board would like to take this opportunity to thank Mr Ramaphosa for his support and efforts over the years. His valuable contribution and strong leadership have been key drivers in the ongoing success of the Group would like to take this opportunity to thank Mr Ramaphosa for his support and efforts over the years. His valuable contribution and strong leadership have been key drivers in the ongoing success of the Group.”

Following a comprehensive review by the Board, overseen by the lead independent non-executive director, Alan van Biljon, the Board is pleased to announce the appointment of Phuthuma Nhleko as a non-executive director and Chairman of MTN with effect from 29 May 2013.

The Board welcomes the appointment of Mr Nhleko who previously served as a non-executive director and Chairman of MTN from July 2001 until June 2002 and thereafter as an executive director as well as Group President and CEO until March 2011.

It is the Board’s belief that Mr Nhleko’s previous association with MTN and his experience in the telecommunications industry will benefit the Group.

Although Mr Nhleko is not an independent Chairman by virtue of him taking a break of just over two years as the Group President and CEO, the Board is satisfied that having considered the principles of governance and King III, the current Board structure, which includes the lead independent director, will provide the appropriate level of governance for MTN and its shareholders.

Staff Writer

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