Current MTN Group CFO Ralph Mupita.

MTN Group has appointed current group CFO Ralph Mupita as the new group president and CEO with effect from 1 September 2020.

According to a statement released by the company, the current group president and CEO, Rob Shuter, will step down from his executive responsibilities on 31 August 2020 and will thereafter support Ralph as required until the end of his fixed-term contract early next year.

MTN Group chairman Mcebisi Jonas said: "After a rigorous and extensive search process, we are pleased to have appointed someone of Ralph's calibre, experience and ability to fill the group president and CEO position. Ralph’s experience as the group CFO, strong knowledge of our businesses and markets, as well as successful background in financial services, M&A and emerging markets, place him in an excellent position to lead the growth and sustainability of the business going forward."

According to MTN, Ralph has served in the position of Group CFO since April 2017 and played a critical role in the development and execution of the group’s strategy, capital allocation processes, financial performance as well as in the resolution of a number of complex regulatory matters.

“Ralph is a graduate of the University of Cape Town with a degree in Engineering and an MBA. Prior to joining MTN Group, Ralph was the CEO of Old Mutual Emerging Markets for five years, a business that provided financial services to individuals and corporates across 19 countries in Africa, Latin America and Asia, managing over R1 trillion of customer assets under management at the time,” the company added.

Commenting on his appointment, Mupita said: “Leading a business with MTN Group’s history, scale and socio-economic impact is a privilege and honour, and I look forward to working with the group board and executive committee in driving growth and unlocking value for shareholders and broader stakeholders.”

“MTN Group is well positioned to take advantage of the digital acceleration shifts and opportunities across our markets, and we are well placed to play an important and leading role in digital and financial inclusion of the African continent, working with our stakeholders and partners.”

The company could not comment on whether there would be any change to its broader Africa strategy or operations, and added that an update regarding the Group CFO position would be made on or before 1 September 2020.