MTN
MTN
MTN - MTN Group Limited - Management Changes - Phuthuma Nhleko to step down as
Group President and Chief Executive of MTN by March 2011
MTN Group Limited
(Incorporated in the Republic of South Africa)
Registration Number 1994/009584/06
Share code: MTN
ISIN: ZAE000042164
("MTN Group")
Management Changes - Phuthuma Nhleko to step down as Group President and Chief
Executive of MTN by March 2011
Board Process underway to appoint successor
The MTN Group Limited announces that Phuthuma Nhleko will not be renewing his
long term contract of employment which ends on 30 June 2010. Consequently he
will stand down as Group President and CEO. Mr Nhleko has, however, agreed with
the Board 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.
Commenting, Cyril Ramaphosa, Chairman 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 Chairman 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."
Phuthuma Nhleko, Group President and CEO, 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."
ENDS
Fairland
1 March 2010
Sponsor
Deutsche Securities (SA) (Pty) Limited
Date: 01/03/2010 08:30:01 Produced by the JSE SENS Department.
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