MTN CEO Rob Shuter to step down as company reports increased revenue

MTN CEO Rob Shuter to step down as company reports increased revenue

- MTN has announced details of its 2019 revenue and the end of the tenure of its president and chief executive officer, Rob Shuter

- The company indicated that a seamless process would be employed to ensure that there is a smooth transition of leadership

- Despite the growth recorded, its operations were affected by the fall in global oil prices

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Telecommunications company, MTN, has reported an increase in revenue for the year ending December 2019.

On Wednesday the group revealed details of the results amid macroeconomic challenges in South Africa, where it is headquartered.

The company also announced that Rob Shuter, who serves as president and chief executive officer (CEO), would not renew his contract after March 2021.

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Rob Shuter: MTN announces increases in revenue as CEO prepares to resign in 2021

MTN's CEO and president, Rob Shuter Source: BUSINESSTECH
Source: UGC

There are succession plans in place to ensure a seamless handover after Shuter leaves office.

MTN revealed that its revenue grew by 9.7% to R151.5 billion while it's South African unit posted unchanged revenue of R36.43 billion.

As per a report by BUSINESSTECH, headline earnings per share (HEPS) were 468 cents, an increase from 337 cents in December 2018.

The report also shows that MTN’s subscribers increased by 18.2 million to 251 million, its EBITDA (before one-off items) increased by 34.3%, and the final dividend was 355 cents per share.

However, the company’s shares fell by 15% on Monday following a sharp fall in global oil prices, which affected Nigeria, Africa’s biggest oil producer, which is also MTN’s biggest market.

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Meanwhile, TikTok, described as the fastest social media app in the world, is set for a full rollout in Africa.

It has also been ranked as the third most popular social media app among Nigerian users on Google Play. understands that the app is picking ideas from YouTube and Instagram before it is launched.

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