MTN has announced that Group CEO Rob Shuter will step down from his position at the end of his fixed four-year contract in March 2021.
The company announced the leadership change in its financial results for the year ended 31 December 2019.
“The board thanks Rob for the contribution he has made, and continues to make, to MTN,” it said.
“The succession process will be concluded during the year, enabling a seamless handover.”
MTN group chief technology and IT officer Charles Molapisi has been appointed to the group executive committee and the contract of group chief operations officer Jens Schulte-Bockum has been extended until 31 March 2022, added MTN.
Shuter said the company is well-positioned for growth going forward and will continue to optimise efficiencies and improve its digital offerings.
“We are well positioned for growth. Guided by our well-defined BRIGHT strategy, we are building our growth strategy on our digital operator model while optimising efficiencies, capex, and cashflow,” Shuter said.
“Following data price reductions in South Africa and Nigeria in 2019, we expect price elasticity to improve data revenue growth in 2020, supported by expanded 4G coverage in Nigeria and across the group.”
“We will continue to scale up our fintech and digital services as well as grow our enterprise and wholesale businesses,” he said.
MTN said it has maintained its service revenue, EBITDA margin, capex intensity, and ROE targets and increased its asset disposal target by a further R25 billion over the medium-term.
“We will use 2020 to implement our succession process and ensure a seamless handover to the new group president and CEO whilst maintaining our operational execution,” Shuter said.
Shuter said that MTN added 18 million customers to reach a total of 251 million over the past financial year, and it increased its data users by 17 million to 95 million.
Fintech customers increased by 7 million to 35 million, and he added that MTN saw improvements in customer experience, market share, and network quality across the group.
MTN did not state who would be appointed as CEO following the end of Shuter’s contract.