Africa’s largest telecommunication firm, MTN, has named Ralph Mupita as the new Group President and CEO.
Mupita, who is currently the company’s CFO, will resume at his new post on September 1, 2020, as the outgoing CEO, Rob Shuter, steps down after leading the firm for more than five years.
Mupita’s appointment was announced on Twitter on Wednesday, August 19, via the company’s Twitter handle.
“We’re pleased to announce Ralph Mupita as MTN’s group president & CEO with effect from 1 September 2020. Ralph’s experience as the group CFO, solid knowledge & background places him in an excellent position to lead the growth & sustainability of MTN Group”, the telecom giant tweeted.
We're pleased to announce Ralph Mupita as MTN’s group president & CEO with effect from 1 September 2020. Ralph’s experience as the group CFO, solid knowledge & background places him in an excellent position to lead the growth & sustainability of MTN Group: https://t.co/jG2ZfpQMqH pic.twitter.com/eQ7cVLHoqS
— MTN Group (@MTNGroup) August 19, 2020
Mupita, an engineering graduate from the University of Cape Town, South Africa, will expectedly build on the outstanding works of Shuter, the outgoing CEO.
Shuter was said to have helped MTN close one of its messiest chapters in history when the company agreed to pay more than $1bn to settle a $5.2bn dispute with the Nigerian authorities and another $53m to end a battle over dividend repatriation in the country.
According to industry players, Mupita would have to focus on growing MTN rather than being preoccupied with putting out fires.
The incoming CEO, however, said he is ready to lead the company to its next chapter.
“Leading a business with MTN Group’s history, scale and socio-economic impact is a privilege and honour, and I look forward to working with the group board and executive committee in driving growth and unlocking value for shareholders and broader stakeholders,” he said.
Before joining MTN in 2017, Mupita served as the CEO of Emerging Markets at Old Mutual plc, a Pan-African financial services company across 19 countries in Africa, Latin America and Asia.
Speaking on the new appointment, MTN Group Chairman, Mcebisi Jonas said Mupita is the right choice for the position.
“After a rigorous and extensive search process, we are pleased to have appointed someone of Ralph’s calibre, experience and ability to fill the group president and CEO position. Ralph’s experience as the group CFO, strong knowledge of our businesses and markets, as well as successful background in financial services, M&A and emerging markets, place him in an excellent position to lead the growth and sustainability of the business going forward”, he said.
On Wednesday morning, MTN’s share was up 1.44% to R67.46, having fallen by more than a third over the past 12 months.
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