MTN Chief Executive Rob Shuter steps down
DURBAN - MTN Group has announced the results for the year ended 31 December 2019 and the stepping down of the company's group president and Chief Executive Rob Shuter.
Shuter will officially step down from his role at the end of his contract in March 2021.
Shuter has held the position of group president and Chief Executive of the telecommunications company from when he first joined the company in 2017.
His telecommunications experience extends to his time working for Vodacom between 2009 and 2012 as well as Vodafone between 2012 and 2016.
Shuter also has experience in the banking world working for both Standard Bank and Nedbank in the roles of Head of Investment Banking and Managing Director: Nedbank Retail respectively.
Commenting on the results, Shuter said, "In 2019, the 25th anniversary of MTN Group, we delivered commercial momentum across our operations as well as great progress in our strategy and strong financial results, despite challenging trading conditions".
He said that MTN added 18 million customers to reach a total of 251 million and increased the number of data users by 17 million to 95 million and fintech customers by 7 million to 35 million.
According to Shuter, the company saw improvements in customer experience, network quality and market share across the group.
He said, "On the strategic front, we launched our instant messaging platform Ayoba, which is now live in 12 markets with two million monthly active users. We launched MoMo in South Africa and Afghanistan and received our super-agent licence in Nigeria, registering more than 100 000 agents by year-end. We also delivered R14 billion of asset realisations within the first 12 months of our programme and MTN Nigeria listed on the Nigeria Stock Exchange. We recorded progress on various regulatory issues, including the AGF tax matter in Nigeria. Relationships with stakeholders across our markets improved, and we reported our highest employee sustainable engagement score yet".
"On the financial side, we delivered service revenue growth of 9,8 percent with an acceleration in the second half. Our EBITDA margin improved and reported headline earnings per share grew by 62 percent. Our network rollout brought a further 69 million people into 4G coverage whilst reducing capex intensity. Improved cash flows during the year supported stable balance sheet ratios," concluded Shuter.
BUSINESS REPORT ONLINE