Phuthuma Nhleko has assumed office as Executive Chairman of MTN following the resignation of MTN Group CEO and President Sifiso Dabengwa over the crisis in the company in Nigeria.MTN was recently fined over $5.bn dollars by the Nigerian Communications Commission for its serial violation of national regulations.
In a public statement announcing his new position, which is for a period of six months, Mr. Nhleko hinted that MTN has not agreed to pay that fine.
He explained that he will head the company as Executive Chairman in order to ensure a smooth transition while the company identifies a successor for Dabengwa, whose resignation, he said, was in the interest of the Company and its shareholders.
“As you are aware I am familiar with MTN having served as Non-executive Director and Chairman of MTN from July 2001 until June 2002 and thereafter as an executive director, Group President and CEO until March 2011,” he said. “I have subsequently chaired the Group in a Non-executive capacity for the past two and a half years.”