MTN appoints Nhleko as executive chairman
FAIRLAND – MTN appointed Phuthuma Nhleko as the executive chairman in a temporary capacity.
MTN’s Chief Executive Officer (CEO ) Sifiso Dabengwa resigned following the Nigeria scandal.
The company announced in a statement on 9 November that Phuthuma Nhleko was appointed as executive chairman in a temporary capacity.
Dabengwa said that the most unfortunate prevailing circumstances occurred at MTN Nigeria which led to his resignation.
“I, in the interest of the company and its shareholders, have tendered my resignation with immediate effect,” said Dabengwa.
The current non-executive chairman Nhleko had served as non-executive director and chairman of MTN from July 2001 until June 2002 and thereafter as an executive director, Group President and CEO until March 2011. He has subsequently chaired the Group in a non-executive capacity since May 2013. “I will assume responsibility as executive chairman for the next six months as I proactively deal with the Nigerian regulator and will continue to work with them in addressing the issues around unregistered subscribers as a matter of urgency,” commented Nhleko.
“Together with the MTN Board, my second priority will be to find an appropriate Chief Executive Officer to take MTN forward. I will then
revert to my non-executive chairman role,” concluded Nhleko.
The statement read that to ensure compliance with King III, Alan van Biljon would continue to serve as the lead independent director on the MTN Board of Directors while Nhleko took over executive responsibility.
The company will continue to inform stakeholders of any material engagements with the Nigerian Authorities through the Stock Exchange News Service of the JSE Limited (SENS).
“Shareholders are advised to continue to exercise caution when dealing in the Company’s securities until a further announcement is made,” the statement read.
Details: MTN, 083 284 6774.
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