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MTN Poaches Vodafone Exec for new CEO

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South Africa's MTN has poached a Vodafone executive as its new CEO as the firm seeks a turn around after it settled a massive fine in Nigeria.

The company said Rob Shuter, who is currently a regional CEO for Vodafone Europe, will take up the position at some point in the next 12 months. The delay is due to settling contractual obligations with Vodafone.

He is replacing Sifiso Dabengwa who resigned last November following the Nigerian fine announcement. That fine has been whittled down from an original USD5.2 billion to roughly USD1.7 billion, to be paid over a number of years.

The dispute over the fine saw MTN's share price drop by a third since it was announced.

MTN's interim CEO, Phuthuma Nhleko will return to his position of Chairman, when Shuter joins the company.

MTN also announced a number of other senior management appointments, including hiring a manger from local rival, Vodacom.

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Tags: mtn  South Africa