South Africa’s leading telecoms provider MTN Group Ltd. on Friday announced the company has appointed the country’s former deputy Finance Minister Mcebisi Jonas as chairman-designate in a board shake-up. Jonas will replace long-serving MTN chair and former CEO Phuthuma Nhleko, who is extending his tenure on the board as the transition takes place.
“In recent years MTN Group has experienced challenging regulatory environments and highly competitive trading conditions,” the company said in a statement on Friday, reported Bloomberg. “The board is of the view that MTN Group has entered a more stable and settled phase, enabling it to now affect the evolution of the board.”
In the statement, MTN confirmed Jonas, 59, will assume the position of chairman of MTN Group with effect from December 15. Nhleko is anticipated to step down from his position at the Annual General Meeting to be held on May 23, 2019, after serving for almost two decades as chairman or chief executive officer of the Johannesburg-based company.
MTN has also made two more appointments in the former governor of Nigeria’s central bank, Lamido Sanusi, and Vincent Rague from Kenya’s International Finance Corporation who will join Jonas at the helm from July 1.
Nhleko said the new appointees are expected to bring a depth of skills and regional insights that will continue to enrich the board’s experience.
MTN will also form an international advisory board, chaired by South Africa’s former President Thabo Mbeki, which will counsel, guide and support the group. The advisory board will include John Kufuor, former Ghanaian President, Aisha Abdullahi, former African Union Commissioner for Political Affairs, Momar Nguer, President of Marketing & Services at Total, Mohammed ElBaradei, former Director General of the International Atomic Energy Agency, and CEO Nhleko.
Over the next 12 months, Alan Harper, Jeff Van Rooyen and Koosum Kaylan will step down from MTN’s board on Dec. 15, while Dawn Marole and Peter Mageza will bid a goodbye to the company on April 30, 2020.
