MTN CEO to step down

Johannesburg - Phuthuma Nhleko is to step down as group president and chief executive of MTN [JSE:MTN] by March 2011, the company said Monday. The board process is underway to appoint a successor.

MTN said Nhleko will not be renewing his long-term contract of employment which ends on June 30 2010.

Nhleko has, however, agreed with the board to continue in his current role up to March 2011. During the remainder of his tenure Nhleko has agreed to particularly focus on achieving certain key objectives including facilitating a seamless transition once his successor has been appointed.

Commenting, Cyril Ramaphosa, chairperson of MTN Group, said: "On behalf of the board, management and staff, I would like to thank Phuthuma for his outstanding vision and leadership over the past eight years.

"Under his tenure, MTN has grown into a leading emerging market success story and expanded to become the number one provider of mobile telecommunications services across Africa and the Middle East.

"Phuthuma's commitment to continue to lead the business until a successor is in place is greatly appreciated and will ensure an effective and smooth process of transition."

The chairperson continued: "Given Phuthuma's knowledge and insights into MTN we have mutually agreed to explore other options for an ongoing association between Phuthuma and the group post his service as president and CEO."

Nhleko said: "I have given this decision very careful consideration. I feel it is the right time to secure the next generation of leadership for the group - and the right time for me personally to start thinking about the next phase of my career.

"Over the coming months, I will continue to focus my full attention on delivering on the group's strategic priorities and on ensuring a thorough handover to my successor."

- I-Net Bridge