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MTN scrambles to appoint a new CEO

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.MTNza will announce a new chief executive within the next two months as its current head, Rob Shuter, is set to leave the group earlier than expected, the telecoms operator said. busrep

JOHANNESBURG - MTN will announce a new chief executive within the next two months as its current head, Rob Shuter, is set to leave the group earlier than expected, the telecoms operator said on Friday.

“The succession process for the MTN group chief executive role is on track and MTN expects to announce it in the next four to eight weeks. In a trading update released on Friday, MTN, Africa’s mobile giant, confirmed a strong first half of the year, saying it was preparing to report bumper earnings during the year to the end of June.

“In order to sustain this, and in line with MTN’s capital allocation framework, the board has decided not to declare a 2020 interim dividend in the context of the Covid-19 impacts and the material uncertainties these present. Should conditions warrant a final dividend, this would be no more than R3.90 per share, aligned to the current dividend policy,” said the company on Friday.

Headline earnings per share growth was expected to be between 115 and 125percent after benefiting from non-operational items, including foreign exchange gains.

 

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