MTN Group CEO to Step Down

Image sourced from WebMoney

MTN announced that the group president and CEO, Rob Shuter, will be stepping down from his role in March 2021 – ending his four-year fixed contract.

“The board thanks Rob for the contribution he has made, and continues to make, to MTN,” says the mobile telecoms giant. “The succession process will be concluded during the year, enabling a seamless handover.”

MTN group chief technology and IT officer, Charles Molapisi, has been appointed to the group executive committee and the fixed contract of the group COO, Jens Schulte-Bockum, has been extended until 31 March 2022.

Looking to the future

Shuter believes MTN is well-positioned for growth – thanks to its strategy to optimise efficiencies, capex and cashflow.

“Following data price reductions in South Africa and Nigeria in 2019, we expect price elasticity to improve data revenue growth in 2020, supported by expanded 4G coverage in Nigeria and across the group,” says Shuter.

MTN plans to continue to scale up its fintech and digital services as well as grow enterprise and wholesale businesses.

Shuter adds, “we have maintained our service revenue, EBITDA margin, capex intensity and ROE targets and increased our asset disposal target by a further R25 billion over the medium term. We also now target a holding company leverage ratio at below 2x.”

MTN hopes to use 2020 to implement a succession process and ensure a seamless handover to the new group president and CEO – however, it is yet to appoint Shuter’s successor.

Edited by Jenna Delport
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