MTN Group CEO To Step Down In 2021

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Following a rocky tenure filled with legal battles against Nigerian authorities, the Chief Executive Officer (CEO) of MTN Group Limited, Rob Shuter will be stepping down from his role in March next year.

 

Shuter, 52 years old will be ending his four years contract which commenced in 2017 when the ex-chairman, Nhleko Phuthuma hired him.

Despite the clashes with Nigerian authorities that amounted to a $1 billion fine, Shuter at the end of the 2019 financial year announced an increase in the company's revenue by 9.8 per cent at R141.8 billion before EBITDA expanded by 13.6 per cent making it R53.4 billion.

"In 2019, the 25th anniversary of MTN Group, we delivered commercial momentum across our operations as well as great progress in our strategy and strong financial results, despite challenging trading conditions."

"We added 18 million customers to reach a total of 251 million and increased our data users by 17 million to 95 million and our fintech customers by 7 million to 35 million," the CEO added.

Speaking on the company's business strategies, Shuter explained that "we launched MoMo in South Africa and Afghanistan and received our super-agent licence in Nigeria, registering more than 100 000 agents by year-end.

We also delivered R14 billion of asset realisations within the first 12 months of our programme and MTN Nigeria listed on the Nigeria Stock Exchange."

"We recorded progress on various regulatory issues, including the AGF tax matter in Nigeria. Relationships with stakeholders across our markets improved, and we reported our highest employee sustainable engagement score yet," Shuter stated.

"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.

We will continue to scale up our fintech and digital services as well as grow our enterprise and wholesale businesses."

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