MTN Group chief financial officer Ralph Mupita took the reins from former CEO Rob Shuter on Tuesday, paving the way for a new era at Africa’s largest telecommunications group by subscribers.
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Ralph Mupita, MTN Group’s chief financial officer, will replace Rob Shuter as the CEO of the telecommunications provider on 1 September.
MTN Group is considering selling its stake in Iran’s ride-hailing app Snapp as it trims its e-commerce portfolio and plans an exit of the Middle East.
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.
MTN Group has announced a R250-million “relief package” in response to the Covid-19 pandemic across the 21 markets in which it operates.
MTN Group will push on with a plan to reduce its majority stake in its Nigerian business, though turmoil caused by the coronavirus may require the sale to be done in smaller chunks than anticipated.
MTN Group CEO Rob Shuter was paid R58.2-million in the 2019 financial year, a 35.7% increase on his total remuneration for 2018, but even these generous rewards were not enough to keep him.
MTN Group said its Iranian business is still able to achieve strong sales growth in the short term, even as the unit battles to overcome ongoing US sanctions and the rapid spread of the coronavirus.
Leading MTN Group has come at an “enormous sacrifice”, outgoing CEO Rob Shuter said on Wednesday at a media conference following the presentation of the telecommunications operator’s 2019 financial results.
MTN Group is in advanced talks to sell stakes in tower assets in Ghana and Uganda worth as much as R8-billion as Africa’s largest wireless carrier looks to accelerate a broader disposal plan.