MTN SA CEO Nyati moves to head up Altron
MTN South Africa CEO Mteto Nyati will be jumping from the mobile operator to electronics group Altron, where he will serve as the company’s new CEO, it announced on Tuesday.
Nyati has served as CEO of MTN South Africa since July 2015, and previously held executive positions at IBM and Microsoft South Africa.
Nyati will assume responsibility as Altron Chief Executive no later than 1 July 2017. Current CEO, Robbie Venter, will step down as Chief Executive in due course.
Venter will remain on the Altron Board as a Non-Executive Director.
According to Mike Leeming, Chairman of the Altron Board, the appointment of Nyati followed a rigorous recruitment process.
“The Altron Board embarked on a global search for a suitable candidate with the necessary global leadership experience and business orientation with a solid track record in the ICT sector,” he said.
The appointment marks a move away from Altron being a family-run business, though Venter said that he and the Venter family remained fully committed to the Altron Group.
In a trading statement published on SENS, Altron advised shareholders that a reasonable degree of certainty exists that the company’s basic earnings per share for the financial year (ended 28 February 2017) are expected to be a loss of no more than 60 cents per share, against the previous financial year’s loss of 259 cents on a total earnings basis (at least 77% better than the prior year).
This is based on a preliminary assessment of various impairment reviews which will only be finalised during the year-end process, the company stressed.
Headline earnings per share for the financial year end are expected to be a profit of no less than 50 cents per share on a total operations basis as against the previous financial year’s loss of 145 cents, it said.
Loading ...