MTN’s executive chairman Phuthuma Nhleko is sticking around, at least for the moment, as the group tries to resolve its Nigerian crisis and find a new CEO, according to Bloomberg.
“The board gave Nhleko a mandate and he will continue as executive chairman until this mandate has been fulfilled,” the company said in response to an enquiry. His tenure was due to end this week (9 May). No date was given for his eventual departure.
Nhleko was previously head of MTN until 2011, and then returned to the role in November following the resignation of CEO Sifiso Dabengwa over the massive fine received in Nigeria.
He agreed to a six-month contract to address the company’s whopping $5.2 billion penalty in Nigeria, later reduced to $3.9 billion, for missing a deadline to disconnect customers.
Nhleko was paid ZAR5 million ($331,000) for work from 9 November to the end of 2015, according to MTN’s annual report.