NLNG Corporate Teamwork banner First bank campus storm Fidelity bank card banner Emerald Energy Institute Camano banner

MTN gets new Management

By News Express on 21/06/2016

Gmail icon

Views: 2,863


MTN Group has tapped competitors and the banking sector’s talent pool to strengthen its executive team and improve on risk management and governance.

Rob Shuter was on Monday named group CEO, effective July 2017, to replace Sifiso Dabengwa, who resigned in November 2015 after Nigerian authorities slapped the company with a huge fine for regulatory breaches.

Chairman Phuthuma Nhleko, who assumed an executive role to resolve the standoff with the Nigerian authorities will step back once Shuter joins the company.

But before Shuter’s arrival, MTN chief financial officer Brett Goschen and a yet to be named new vice president for mergers and acquisitions and strategy will take on additional responsibilities under Nhleko’s guidance. Nhleko would step down as chairman in two-and-a-half years, MTN said without giving an exact date.

Nhleko said MTN had "weathered a rather difficult storm" and would continue to review its governance and management operating structure to ensure that it "operates at an optimum level and continues to replenish management talent to ensure a sustained growth of the business".

Shuter’s appointment follows MTN’s settlement with the Nigerian Communications Authority under which it will pay $1.7bn over three years and list its unit on the Nigerian Stock Exchange.

The initial fine was $5.2bn.

The penalty forced MTN to overhaul its top team and operational structure across its 22 operations in the rest of Africa and the Middle East.

Shuter spent about seven years at Vodacom and Vodafone as chief financial officer and head of the European cluster respectively. He also held senior roles at Nedbank and Standard Bank.

JM Busha’s Farai Mapfinya said that as an external appointment Shuter "comes with fresh eye on the operations and will not have any personal legacy issues".

MTN also made several executive and nonexecutive appointments at group and SA level.

Godfrey Motsa, a former Vodacom executive will become vice president for South and East Africa. New nonexecutive directors include Paul Hanratty of Old Mutual and Nkululeko Sowazi of Kagiso Tiso Holdings.

MyWealth Investments CEO Devin Shutte said the appointments showed a clear intention of strengthening governance and credibility. "What I think we are seeing is the move to create a more resilient governance structure by bringing in individuals who have operated in highly regulated environments," he said.

He said Shuter’s banking background would bring with him a culture of compliance and accountability that has "arguably been lacking of late" at MTN.

Shuter’s not being a "company man" made his appointment more compelling, said Shutte.

Ian Brink, an analyst at Arqaam Capital told Bloomberg that investors had always been comfortable working with Shuter and that his experience with Vodafone in Europe added to his management skills. (BDlive.com)

Source News Express

Posted 21/06/2016 05:49:36 AM

 

 

CLASSIFIED ADS

 

You may also like...
80 years old man survives Onitsha fire disaster...

Ribadu picks PDP governorship form, applies for waiver...

Ethiopia backs Israeli bid for AU observer status...

Edo ‘go and die’ widow shuns PDP’s N250,000...

Amosun names new Head of Service, Chief of...

Breaking: Jonathan summons security chiefs over Nyanya bomb...

Bayelsa Polls: Injured monarch to be flown abroad,...

Herdsmen: Ohanaeze youths declare state of emergency in...

Nationwide strike won’t affect EKEDC payment portals —...

Plateau violence senseless —United States

National Assembly won’t reconvene on Tuesday — Spokesman...

Proscription: We are aware of FG’s antics —...

 

Latest News Anya, Kolade point way to a better Nigeria •Stress need to identify, empower talented, visionary youths Aisha Buhari locked out in Aso Villa APC crisis deepens, Buhari, Oshiomhole’s states worst hit 2019 polls: Court awards N20m against Army Nobody attacked Oshiomhole — Edo CP insists 2021: Group lures Soludo to enter Anambra governorship race NDDC: A people’s albatross, By Ebun-Olu Adegboruwa Ex-militants to Akpabio: Develop Niger Delta, take over Amnesty Programme Yellow Fever kills 22 in Bauchi Bayelsa, Kogi politically volatile — NEC BBOG rues missed opportunities to rescue the Chibok Girls, challenges Buhari to keep promise Bayelsa doesn’t need governor colluding with oil firms to sponsor militancy — Senator Diri •PDP Inaugurates Campaign Council

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (550,727 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (447,235 views) Shameless Genevieve Nnaji exposes breasts in public (394,722 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (330,621 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (298,841 views) 10 cars more expensive than Jets (263,420 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (256,000 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (253,258 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (234,728 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (220,908 views) Lagos plane crash: Journalist releases victims’ names (198,475 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (195,698 views)

 

CBN milk production

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (105) Business & Economy (4,490) Business Verdict (85) Columnists (1,127) Complaints & Requests (96) Enterprise & Opportunities (217) Entertainment (689) Features (829) Global Business Monitor (464) ICT Monitor (65) International (4,073) Interview (204) Live Commentary (30) Love Matters (174) Maggie's Blog (448) News (52,644) Opinion (1,394) Pidgin (17) Politics (11,569) Religion (1,110) Sports (2,194) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera