Johannesburg - Phuthuma Nhleko, CEO of telecommunications group MTN [JSE:MTN], said on Monday he will not be renewing his contract which expires in June 2010.
"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," he said in a statement.
MTN said that Nhleko has, however, agreed to continue in his current role up to March 2011.
"During the remainder of his tenure, Mr Nhleko has agreed to particularly focus on achieving certain key objectives, including facilitating a seamless transition once his successor has been appointed," read the statement.
Nhleko has been open about the fact that he planned to retire his contract in 2010 and suggested this in an interview with Fin24.com early 2009.
Cyril Ramaphosa, chairperson of the MTN group board, 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."
MTN declined to comment on who was being considered as a successor to Nhleko.
- Fin24.com