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MTN chief Nhleko to step down
02 March 2010
Phuthuma Nhleko is to step down from the top position in MTN after failing to secure a merger with Bharti Airtel
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MTN
Phuthuma Nhleko
Bharti Airtel
Zain
Africa
South Africa
Phuthuma Nhleko is to step down from the top position in MTN after failing to secure a merger with Bharti Airtel
MTN group’s CEO, Phuthuma Nhleko, will leave the African telecom company. Nhleko, however, will continue to hold the position until March 2011 and will “facilitate a seamless transition” once his successor has been hired.
Nhleko’s contract will mature on June 30, 2010 and will be renewed until March 2011. The company and Nhleko have a mutual deal to look into other options for an ongoing association between Nhleko and the group.
The company could target an acquisition before he steps down at the end of March next year.
The CEO was unsuccessful in his repeated efforts to forge a $23 billion merger deal with Bharti Airtel.
MTN, with operations in 21 countries from South Africa and Nigeria to Iran and Afghanistan, had detached itself from four months of merger talks with Bharti on September 30 2009.
Since then, Bharti has agreed a $10 million takeover of Zain’s African operations. GTB