MTN Group CEO stepping down next year
The biggest operator in Africa by total subscribers, MTN, has announced that its CEO, Rob Shuter, will be standing down at the end of his contract in March next year.
Shuter has been in the role since 2017, during which time he has overseen a period of expansion for MTN, seeing them not only enter new African markets but also branch out into other sectors, such as finance, music, and video games.
“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. We will use 2020 to implement our succession process and ensure a seamless handover to the new group president and CEO whilst maintaining our operational execution,” said Shuter.
This news comes alongside the announcement of MTN’s financials for 2019, with the company seemingly having gone from strength to strength. 2019 saw the addition of 18 million new subscribers, bringing their pan-African subscriber base to 251 million in total, as well as a 9.7% increase in revenue.
“The group’s results were supported by double-digit growth in service revenue by both MTN Nigeria and MTN Ghana, while economic pressure, new data usage rules and a reassessment of recognition criteria for roaming revenue from Cell C impacted our performance in South Africa,” said Shuter.
A successor for Shuter will be found in the next year, with Shuter helping to facilitate a “seamless transition”.
Shuter’s departure is not the first that MTN has seen in recent months, with a group of board members, including chairman Phuthuma Nhleko, stepping down in December last year.
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