Michiel Buitelaar, CEO of Malawi’s second largest mobile phone operator Telekom Networks Malawi (TNM), has resigned.

In a message to TNM employees, Buitelaar said the reasons for stepping down were personal.

“I’m stepping down as CEO of TNM. I thoroughly enjoyed my position and working with you but personal reasons have brought me to this decision. Although times are not easy, I’m confident that management and the board will navigate TNM through them showing Malawi that TNM is the tech company to be proud of and I’m proud to have been part of it,” said Buitelaar.

In a notice to shareholders through Malawi Stock Exchange (MSE), the company secretary Christina Mwanza confirmed that Buitelaar has left the company following a mutual separation agreement.

“The board expresses its appreciation to Buitelaar for his efforts and contribution during the time he served the company. In the meantime, the board has appointed Mr. Arnold M’bwana, the current chief finance officer as acting CEO until the position is substantively filled,” Mwanza said.

It is not yet clear what impact Buitelaar’s resignation will have on the company, its 3.5-million plus subscribers or the country’s telecommunications market in general.

Stockbrokers Malawi Limited CEO Noel Kadzakumanja told the media that it will take some time before the development impacts the performance of the company on the stock market.

He was quoted by the local Times newspaper saying, “It is difficult to assess the impact because our market is slow in accessing information such that the impact is not felt immediately so we have to wait and see how much the development will impact the market.”

Buitelaar joined TNM as CEO in April 2019.