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.
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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.