Governance shift at MTN as Phuthuma Nhleko winds down active role
Board shake-up at MTN sees long-time leader’s active role coming to an end
In an effort to bolster its governance structures, mobile operator MTN has announced a shake-up of its board of directors which sees long-time leader Phuthuma Nhleko’s active role at the company coming to an end in December. Former deputy finance minister Mcebisi Jonas will take over as chairman when Nhleko steps down in December. Nhleko will sit on MTN's international advisory board that will be chaired by former South African president Thabo Mbeki. MTN’s group CEO from 2002 to 2011, Nhleko is credited for growing MTN’s presence in more than 20 markets across Africa and the Middle East. He returned to the group as chairman in 2013 when Cyril Ramaphosa vacated the position to resume his political career.
Mergence Investment Managers portfolio manager Peter Takaendesa said that while Nhleko was CEO, “MTN did very well”, becoming Africa’s largest telecommunications operator.MTN is valued at R198.4bn.After rapid growth over the past two decades, MTN was moving into a mature ph...
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