D
Damilohun Maya
Guest
MTN Group’s board of directors has extended CEO Ralph Mupita’s contract by five years. Mupita’s contract was originally scheduled to end in September 2025. With this extension, he will now stay until August 2030.
Speaking on behalf of the board, MTN Group chairman Mcebisi Jonas said in a statement to investors: “The extension of Ralph’s tenure will provide important continuity during a period of significant global and regional uncertainty. “It will allow MTN to effectively navigate the complex geopolitical dynamics, market volatility and macroeconomic challenges affecting the business”.
According to a report by TechCenntral, the terms of the new agreement have not been disclosed by MTN.
“The decision will also ensure that the company remains focused on its strategic priorities and continues to deliver on its commitments to shareholders and broader stakeholders,” Jonas concluded.
Ralph Mupia was appointed in August 2019 to replace Rob Shuter, who stepped down after more than 5 years of leading the African telecom giant. before that, he had served as the company’s CFO from April 2017 where he played a critical role in the development and execution of the group’s strategy. He also played a major role in the company’s capital allocation processes and financial performance as well as in the resolution of several complex regulatory matters.
Before joining MTN, Ralph served as the CEO of Emerging Markets at Old Mutual plc, a Pan-African financial services company across 19 countries in Africa, Latin America and Asia.
During his time at Old Mutual, Ralph served as Strategy Director, Old Mutual South Africa between 2006 and 2007. Later, he took up the post of Director of New Ventures and then Managing Director of Retail Affluent before he became CEO in 2011.
Other organisations he has worked for include Haw & Inglis Civil Engineering as an engineer and LEAP Science and Maths School as a fundraising volunteer. Ralph has a Bachelor’s degree in Civil Engineering from the University of Cape Town. He also holds a Masters degree in Business Administration (MBA) from the same institution.
He is also a graduate of the prestigious Harvard Business School where he studied the Graduate Management Programme.
This contract extension follows an announcement by the board- 3 months ago- that it is closing an investigation into its CEO, Ralph Mupita after it found no evidence of improper conduct.
The statement comes six days after the Sunday Times reported that an unspecified number of executives had threatened to resign after complaining that Mupita allegedly gave preferential treatment to a female executive.
Concerns over Mupita’s relationship with the female executive were reportedly the subject of an anonymous whistleblower complaint and discussed at a group board meeting earlier this year.
The complaint also stated that a culture of fear permeates the company. The report also hinted that four big investors had started to work together to remove Mupita as group CEO because of the value destruction at the company.
Subsequently, Mupita sent a letter to staff assuring them that MTN has governance processes in place to address employee matters, including those concerning senior leadership. “The group board is going through the necessary processes to understand the matters and will address them,” he explained.
MTN’s board is “engaged in a verification process about the allegations raised and once this process has been completed” it will deliberate and communicate as appropriate with stakeholders, the company said in response to questions.
In a statement to shareholders via the Johannesburg Stock Exchange (JSE)”, the board expressed its full support” for Mupita and MTN’s strategy. “In its deliberations, the board accepted the report finding and is of the view that the matter has been addressed and is now closed”, the statement said.
“MTN shareholders are advised that the group board held a special meeting on Wednesday, 4 September to deliberate on a report by an independent law firm, assisted by counsel, tasked to verify allegations contained in an anonymous complaint against members of the MTN executive. The independent report stated that attempts to engage with the complainant were unsuccessful and found that there was no evidence of improper conduct by those cited in the complaint,” the statement concluded.
Speaking on behalf of the board, MTN Group chairman Mcebisi Jonas said in a statement to investors: “The extension of Ralph’s tenure will provide important continuity during a period of significant global and regional uncertainty. “It will allow MTN to effectively navigate the complex geopolitical dynamics, market volatility and macroeconomic challenges affecting the business”.
According to a report by TechCenntral, the terms of the new agreement have not been disclosed by MTN.
“The decision will also ensure that the company remains focused on its strategic priorities and continues to deliver on its commitments to shareholders and broader stakeholders,” Jonas concluded.
Ralph Mupia was appointed in August 2019 to replace Rob Shuter, who stepped down after more than 5 years of leading the African telecom giant. before that, he had served as the company’s CFO from April 2017 where he played a critical role in the development and execution of the group’s strategy. He also played a major role in the company’s capital allocation processes and financial performance as well as in the resolution of several complex regulatory matters.
Before joining MTN, Ralph served as the CEO of Emerging Markets at Old Mutual plc, a Pan-African financial services company across 19 countries in Africa, Latin America and Asia.
During his time at Old Mutual, Ralph served as Strategy Director, Old Mutual South Africa between 2006 and 2007. Later, he took up the post of Director of New Ventures and then Managing Director of Retail Affluent before he became CEO in 2011.
Other organisations he has worked for include Haw & Inglis Civil Engineering as an engineer and LEAP Science and Maths School as a fundraising volunteer. Ralph has a Bachelor’s degree in Civil Engineering from the University of Cape Town. He also holds a Masters degree in Business Administration (MBA) from the same institution.
He is also a graduate of the prestigious Harvard Business School where he studied the Graduate Management Programme.
A recent vote of confidence for Ralph Mupita
This contract extension follows an announcement by the board- 3 months ago- that it is closing an investigation into its CEO, Ralph Mupita after it found no evidence of improper conduct.
The statement comes six days after the Sunday Times reported that an unspecified number of executives had threatened to resign after complaining that Mupita allegedly gave preferential treatment to a female executive.
Concerns over Mupita’s relationship with the female executive were reportedly the subject of an anonymous whistleblower complaint and discussed at a group board meeting earlier this year.
The complaint also stated that a culture of fear permeates the company. The report also hinted that four big investors had started to work together to remove Mupita as group CEO because of the value destruction at the company.
Subsequently, Mupita sent a letter to staff assuring them that MTN has governance processes in place to address employee matters, including those concerning senior leadership. “The group board is going through the necessary processes to understand the matters and will address them,” he explained.
MTN’s board is “engaged in a verification process about the allegations raised and once this process has been completed” it will deliberate and communicate as appropriate with stakeholders, the company said in response to questions.
In a statement to shareholders via the Johannesburg Stock Exchange (JSE)”, the board expressed its full support” for Mupita and MTN’s strategy. “In its deliberations, the board accepted the report finding and is of the view that the matter has been addressed and is now closed”, the statement said.
“MTN shareholders are advised that the group board held a special meeting on Wednesday, 4 September to deliberate on a report by an independent law firm, assisted by counsel, tasked to verify allegations contained in an anonymous complaint against members of the MTN executive. The independent report stated that attempts to engage with the complainant were unsuccessful and found that there was no evidence of improper conduct by those cited in the complaint,” the statement concluded.