Phuthuma Nhleko, the CEO of South Africa based MTN Group has announced that he will be stepping down from the joint roles of CEO and President at the start of July. He will however remain on the board of directors until 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."
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