Nhleko steps back as MTN Group chairman

Phuthuma Nhleko, the MTN Group CEO who led the company on an acquisition trail that turned it into an emerging markets powerhouse, has stepped down from its board of directors. Nhleko, who has served as MTN’s chairman since 2015 after relinquishing the CEO role in 2011, resigned this week as non-executive chairman.

The outgoing chairman has been replaced by South African former deputy finance minister Mcebisi Jonas.

It was Nhleko who led the acquisition of Investcom in 2006, for US$5.5 billion, which took MTN into multiple new territories across Africa and the Middle East and helped it grow its subscriber base to over 200 million customers.

Nhleko was also instrumental in landing MTN a lucrative licence to operate in Iran. He briefly returned to executive leadership of the group following the exit of former CEO Sifiso Dabengwa, to deal with the fallout from a US$5.2 billion regulatory fine in Nigeria.

Along with Nhleko’s exit from the MTN Group board, Alan Harper, Jeff van Rooyen and Koosum Kaylan have also stepped down as directors.