New MTN CEO to start in March 2017

The telco has also suspended dividends payouts from Nigeria
MTN CEO resigns, MTN Group, New MTN CEO to start in March 2017


MTN Group has announced that its next chief executive will take over three months ahead of plan, as reported by Reuters.

Rob Shuter, Vodafone European boss, was due to start in July next year but MTN said in a statement accompanying its quarterly update he would now start on 13 March 2017.

"MTN Nigeria continues to refute the allegations that MTN Nigeria had improperly repatriated funds from Nigeria," the company said in its quarterly update. "Consequently MTN Nigeria will strongly defend any action that would be prejudicial to its interest."

The firm faces allegations it illegally moved $14 billion out of Nigeria. MTN shares have fallen by more than 14 percent to their lowest level in more than six years since the latest issue surfaced on Sept. 27.

MTN also said it had suspended dividends payouts from Nigeria, where it runs the country's biggest wireless phone network which generates a third of its annual sales.

The company also reported a slight fall in third-quarter user numbers due to a weaker showing in South Africa, where it vies for market share with Vodacom and Cell C

REGISTER NOW | Webinar Event | Security you can bank on – Safeguarding the Middle East’s financial sector

Presented in partnership with security and network specialist Cybereason, the second in the three part webinar series will bring together a panel of experts to discuss how banks and financial institutions are evolving their service offering while simultaneously staying one step ahead of the cyber criminals who seek to bring their operations crashing to the ground.

Editor's Choice

Emerson expands analytics platform for industrial enterprise-level wireless infrastructure management
Plantweb Insight platform adds two new Pervasive Sensing applications that manage wireless networks more efficiently with a singular interface to the enterprise
Digitalisation seen as a competitive advantage by Middle East private businesses
Nearly 80 per cent of private business leaders acknowledge that digitalisation can impact business sustainability
Etisalat introduces Multi-Access Edge Computing architecture delivering best-in-class video streaming performance for 5G networks
MEC architecture achieves performance gains of as much as 90% in video streaming, validating how ultra-low-latency applications will be delivered over 4G and 5G networks

Most popular

Don't Miss a Story