MTN has announced on Monday that its CEO Sifiso Dabengwa had resigned.
While some say it was to be expected, many have still been taken aback by Sifiso Dabengwa‘s decision to quit his position at MTN.
The South African telecom operator, which has been in the news recently after being slapped with a massive $5.2bn fine for not registering SIM card holders in Nigeria, announced that Dabengwa had resigned with immediate effect and that
“Due to the most unfortunate prevailing circumstances occurring at MTN Nigeria, I, in the interest of the Company and its shareholders, have tendered my resignation with immediate effect,” Dabengwa said in a statement.
His resignation came as the deadline to pay the penalty draws closer. MTN was given until November 16 to pay the penalty, which relates to the timing of the disconnection of 5.1 million subscribers and is based on a charge of 200 000 naira ($1 005) for each unregistered customer.
Phuthuma Nhleko has been appointed as executive chairperson in a temporary capacity. He has agreed to act as executive chairperson for a maximum period of 6 months while the company identifies a successor for Dabengwa.
“Together with the MTN Board, my second priority will be to find an appropriate Chief Executive Officer to take MTN forward. I will then revert to my Non-executive Chairman role,” he said.