MTN Group has picked current group Chief Financial Officer (CFO) Ralph Mupita as new group president and Chief Executive Officer (CEO). In a statement, MTN Group says that Mupita will take over from Rob Shuter who steps down on September 1, 2020.
Mupita ascends to the helm having served as MTN group CFO since April 2017. He is a graduate of the University of Cape Town with a degree in Engineering and an MBA.
Prior to joining MTN Group, Mupita oversaw operations at Old Mutual Emerging Markets providing financial services to individuals and corporates across 19 countries. He excelled in the five year stint at the fund managing customer assets worth over 1 trillion rand spread across Africa, Latin America, and Asia.
The move comes in what MTN terms as business revamping aimed at driving the telco to play a leading role in digital and financial inclusion of the African continent. MTN hopes to leverage on Mupita’s strong knowledge of the business and markets as well as background in financial markets and emerging markets to drive growth going forward.
MTN is restructuring operations and recently announced closing shop in the Middle East to focus synergies in Africa. MTN will first sell its subsidiaries in Yemen, Afghanistan and Syria, which only contribute 4% to the groups’ EBITDA.
Earlier this month, MTN launched an API marketplace ‘Chenosis’ which will allow African developers to tap into a variety of API products from across the continent in a single marketplace.
MTN Group is Africa’s largest telco with a customer base of 251 million customers and annual revenues of R151.5 (KSh967) billion as of December 2019.
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