MTN Group CEO, Rob Shuter To Step Down Next Year - Reports
MTN announced yesterday that its Group President and CEO, Rob Shuter, would step down at the end of his four-year contract in March next year.
Before joining MTN in 2017, Shuter managed some of Vodafone’s European operations. Prior to that, he was also the Chief Financial Officer of Vodacom, South Africa.
The MTN board, which is led by South Africa’s former Deputy Finance Minister, Mcebisi Jonas, is expected to employ a new CEO during 2020.
The company reported a 9.7% growth in its revenue for the year, boosted by a 12.6% increase in Nigeria as well as 22.9% in Ghana. MTN South Africa’s revenue, however, grew by only 0.4%.
MTN said that its income in South Africa was directly impacted by the new rules around out-of-bundle data and data rollovers. It also took a hit of over $17 million as part of its agreement to supply Cell C with roaming services.
MTN’s share price went down by 45% over the past year. It came under a lot of pressure this week amid fears that the oil crash would impact its earnings in Nigeria.