CEO Of MTN Resigns For Personal Reasons
The chief executive of MTN’s South African unit has resigned, citing personal reasons, an internal statement by Africa’s largest mobile operator showed on Monday.
Business Times on Sunday reported that Mr Farroukh had announced his resignation plans at a meeting last month but that his proposal had not been officially accepted.
MTN, based in Johannesburg, has been battling labor union-led strikes over pay and bonuses in its home market, where sales have declined due to competition and price cuts imposed by regulators. South Africa is the company’s second-biggest unit in terms of subscriber numbers, after Nigeria.
A successor to Farroukh will be announced as soon as a new appointment is finalized, MTN said. Farroukh has held various positions including chief operating executive and Nigeria CEO since joining MTN in 2006.