MTN Group appoints Chief Financial Officer of MTN Group Ralph Mupita as the new CEO to take over from Rob Shuter as president and CEO who will take over on September 1.
“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,” said MTN Group chairman Jonas Mcebisi.
Since April 2017, Mupita has served as the MTN Group CFO and has played a critical role in the development and execution of the group’s strategy, financial performance, capital allocation processes as well as in the resolution of a number of complex regulatory matters.
“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,” said Ralph Mupita
“MTN Group is well-positioned to take advantage of the digital acceleration shifts and opportunities across our markets, and we are well placed to play an important and leading role in digital and financial inclusion of the African continent, working with our stakeholders and partners.” He added.
Rob Shuter the current CEO will step down from his executive responsibilities on 31 August 2020 and will thereafter support Ralph as required until the end of his fixed-term contract early next year.
In 2019, the company’s revenue grew by 9.7 per cent while its service revenue grew by 9.8 per cent with its subscribers increasing by 18.2 million to 251 million.
Recently, MTN Uganda recorded a 9.1 per cent increase in net profit to about $120.47 million for the first six months of 2020, according to the company’s latest interim results.
MTN Uganda overall revenues grew by 7.6 per cent to about $244.97 million in the six months while data incomes saw a 30 per cent growth from about $34.84 million to about $45.45million.