Africa’s leading mobile- phone operator, MTN has appointed Rob Shuter as the Group President and Chief Executive Officer. Rob, a South African national, joins the telecommunications company from Vodafone Europe where he was the head. The appointment is a step toward overhauling the company’s governance standards while looking for new revenue streams as the market becomes more competitive.
The news has caused a rise in MTN share prices to 151.70 rand in early trading at the Johannesburg Stock Exchange, before settling at 143.30 rand.
Earlier this month, MTN agreed to pay a reduced fine of N330 billion, an estimated $1.7 billion, in a settlement with Nigerian authorities, over failure to disconnect 5.1 million unregistered mobile phone users in the country.
But Nigeria’s Senate accused the government of short-changing the country by reducing the fine.
Nigeria is MTN biggest market with over 60 million subscribers.