The CEO of the financially troubled Zambia Telecommunications Company (Zamtel) Dr Mupanga Mwanakatwe has resigned.
The telco's board has also been dissolved by the Industrial Development Corporation (IDC), an investment arm of the Zambian government.
Zamtel is a government-owned telecom company that is battling to compete with two privately owned mobile phone companies MTN Zambia and Airtel Zambia.
No reason has so far been given for Mwanakatwe's resignation. A statement issued by the company yesterday read, "He has separated on mutual agreement and that the company's Chief Technical Officer Sydney Mupeta has been appointed to act as CEO."
The embattled company continues to face a financial struggle.
According to the auditor general's report two years ago, Zamtel has not made a profit from 2012 when Mwanakatwe was appointed CEO after the Zambian government repossessed the company from Lap Green Network of Libya. Zamtel was sold to the Libyan firm in 2010.
In 2016 the Zambian government transferred management of Zamtel to the IDC in a bid to quickly source investment required to recapitalise the company, the smallest in the country with less than 2 million subscribers.
With no investment made to date, the company has urged the government to avail US$300 million as capital injection in order to improve operations and save it from collapse.
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