The top management haemorrhage at MTN is continuing, with the news today that group president and chief executive Phutuma Nhleko will step down.
According to a statement from MTN, Nhleko will not be renewing his long-term contract of employment which ends on 30 June 2010, and will stand down as group president and CEO.
However, he has agreed with the board to continue in his current role up to March 2011, focusing particularly on achieving certain key objectives that include facilitating a seamless transition once his successor has been appointed.
The board is currently engaged in finding a successor.
Cyril Ramaphosa, chairman of MTN Group, comments: "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.
"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."
Nhleko adds: "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."