MTN’s share price fell nearly 3% at the close of trading on the JSE on Thursday as the group’s CEO of the past nine years, Phuthuma Nhleko, completed his final day of duties at the emerging markets cellphone operator.
MTN announced after markets closed on Thursday that Nhleko had resigned from all of the group’s boards. He had stepped down from the directorships of MTN Group, MTN Dubai, MTN SA, MTN Nigeria, Irancell and MTN Syria. The resignations took effect on his last day as group president and CEO at MTN.
Nhleko, who is being replaced as group CEO by Sifiso Dabengwa, joined MTN in 2001 as chairman and was elevated to group president and CEO a year later. A dealmaker, Nhleko is widely credited with leading MTN’s expansion to become an emerging market cellphone giant with more than 140m subscribers in 21 countries in the Middle East and Africa.
MTN’s shares closed down 2,8% on Thursday. Rival Vodacom fell 0,7% and Telkom climbed 1,6%.
Nhleko will return to the board of MTN Group in October when he will become the deputy chairman. He will also join the board of MTN International as chairman. — Staff reporter, TechCentral
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