MTN will bring Phuthuma Nhleko back as non-executive director and chairman, with effect from today (29 May).
The board announced that Cyril Ramaphosa’s retirement as non-executive director and chairman became effective yesterday (28 May).
Nhleko previously served as a non-executive director and chairman of MTN from July 2001 until June 2002, and thereafter as an executive director as well as group president and CEO until March 2011.
“It is the board’s belief that Mr Nhleko’s previous association with MTN and his experience in the telecommunications industry will benefit the group,” the board said in a statement.
“Although Mr Nhleko is not an independent chairman by virtue of him taking a break of just over two years as the group president and CEO, the board is satisfied that having considered the principles of governance and King III, the current board structure, which includes the lead independent director, will provide the appropriate level of governance for MTN and its shareholders.”
The board announced that Cyril Ramaphosa’s retirement as non-executive director and chairman became effective yesterday (28 May).
Nhleko previously served as a non-executive director and chairman of MTN from July 2001 until June 2002, and thereafter as an executive director as well as group president and CEO until March 2011.
“It is the board’s belief that Mr Nhleko’s previous association with MTN and his experience in the telecommunications industry will benefit the group,” the board said in a statement.
“Although Mr Nhleko is not an independent chairman by virtue of him taking a break of just over two years as the group president and CEO, the board is satisfied that having considered the principles of governance and King III, the current board structure, which includes the lead independent director, will provide the appropriate level of governance for MTN and its shareholders.”