MTN Group announced president and CEO Rob Shuter (pictured) would step down in March 2021, with a succession process underway and scheduled to be concluded by the end of this year.
In a statement also revealing its 2019 results, MTN said Shuter would leave at the end of his contract, while thanking the executive for the “contribution he has made, and continues to make” to the business.
Notably, Shuter, who has been in charge since 2017, steered the company through some rough times, including recent woes in Nigeria. He also played a key role in a strategy overhaul, as part of the company’s aim to generate revenue from non-traditional services, including financial and media.
“Under his leadership significant progress has been made, including establishing and effectively communicating a clear vision and strategy, driving the resolution of a number of complex matters and delivering significant improvements in transformation, operational performance and staff morale,” MTN stated.
MTN did not break out its Q4 figures, but registered a 9.8 per cent rise in revenue for 2019, to ZAR141.8 billion ($8.8 billion). Nigeria and Ghana were its top-performing markets, with revenue rising 12.6 per cent and 22.9 per cent respectively, while domestic sales were near flat at 0.4 per cent.
MTN said its performance in South Africa was impacted by the implementation of subscriber rules by regulator ICASA, along with a reassessment of revenue recognition criteria due to delayed payments under a network roaming agreement with Cell C.
Profit reached ZAR8.9 billion, a slight increase from the ZAR8.7 billion it recorded in 2018.
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