MTN CEO staying on until 2030

MTN CEO Ralph Mupita’s contract at MTN has been extended, with him set to lead the group until 2030.

Mupita’s original contract was set to run through on 30 September 2025.

However, the Group’s Board of Directors agreed to extend his contract until 31 August 2030.

“The extension of Ralph’s tenure will provide important continuity during a period of significant global and regional uncertainty,” said MTN Group Chairman Mcebisi Jonas

“It will allow MTN to effectively navigate the complex geopolitical dynamics, market volatility and macroeconomic challenges affecting the business.”

“Additionally, it will ensure that the Company remains focused on its strategic priorities and continues to deliver on its commitments to shareholders and broader stakeholders.”

The extension comes amid a challenging period for the group, where its Nigerian business has been heavily affected by the devaluation of the Nigerian Naira.

Prior to the devaluation, Nigeria was MTN’s largest market.

In the first six months of 2024 (H1 2024), the group’s service revenue (in rand terms) dropped by 20% from R107 billion to R85 billion.

The group also recorded a basic loss per share of 409 cents—a 278% drop from the basic earnings of +229 cents per share in the same period in 2023.

The group’s headline earnings per share also declined by 198.5% to a headline loss of 256 cents per share.

The group thus still did not declare an interim dividend for the period.

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