Former MTN Group CEO Phuthuma Nhleko has been appointed as non-executive director of the JSE from 1 July and will take on the additional role of chairing the board from next year.
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MTN Group CEO Rob Shuter was paid out a sign-on bonus of just R17.8-million in March. This is a sizeable figure but it’s less than half of the value indicated in March 2017, at the time he was awarded the bonus.
Phuthuma Nhleko, the man who led MTN Group on an acquisition spree that turned the telecommunications operator into an emerging-markets giant, has stepped down from its board of directors.
MTN Group’s biggest shareholder is pushing for changes at Africa’s largest mobile phone company to avoid the regulatory, legal and political disputes that have cut its share price by more than half over the past four years.
Between 6 March, the day before MTN announced its results for the year to December, and 9 May, when it published a first-quarter trading update, its share price has increased by 36%.
Former deputy finance minister Mcebisi Jonas will replace Phuthuma Nhleko as chairman of MTN Group at the end of the year. At the same time, former President Thabo Mbeki will head a new advisory board.
Shareholders at an unprecedented number of JSE Top 40 companies have, in the past year, voted against remuneration policies and/or their implementation.
Christmas has come early for MTN Group. The telecommunications operator’s shares are likely to soar when markets reopen on Thursday in Johannesburg after it announced it has settled a multibillion-dollar dispute in Nigeria.
MTN Group is considering a replacement for long-time chairman Phuthuma Nhleko, with former deputy finance minister Mcebisi Jonas lined up as his possible successor.
MTN Group CEO Rob Shuter said on Thursday at the telecommunications operator’s annual general meeting of shareholders that it still expects to declare a full-year dividend for 2018 of R5/share despite impending US