MTN Group’s CFO Resigns! Here’s Why

MTN Cameroon Apologizes
MTN Group's CFO Resigns! Here's Why

Brett Goschen MTN Group’s CFO resigns. He is said to step down in September. Not just that, he will as well loose his seat on the Board of Directors. The report was released to the company’s shareholders this morning. Brett’s resignation is attributed to his desire “to pursue other interests”.

Brett Goschen worked with the group for the past 14 years including a onetime CEO at MTN Nigeria. He occupied the position of CFO since 2013. The CFO resigns, yes! now who takes over.MTN Rwanda Chief Executive Gunter Engling will assume the position of acting Group CFO.He will only occupy this position on a temporary basis.

This move is a much rather anticipated one. Regarding the fact that MTN has been resolute to the commitment of charting a new trajectory . After being embroiled in a long standoff with the Nigerian regulator.This MTN family drama just keeps coming who knows what’s next. Of late, the company has been reshuffling their big guns to begin on a fresh slate.

 

MTN also named former Barclays Africa investment banking chief Stephen van Coller as head of mergers, acquisitions and strategy. Coller’s appointment follows that of another banking veteran Rob Shuter. He was appointed as chief executive officer last month. Coller will take up his role in October while Shuter is expected to start by no later than July next year.

Investors are hoping Shuter and Coller will use their banking experience judiciously. This, to shake off MTN’s reputation as a stock with a limited potential for growth. And expect a move into financial services. MTN as at now has the highest subscribers. They also have mobile telephones, and offers mobile financial services to its users.

The move will put MTN against African rival Safaricom. Safaricom’s mobile money business M-Pesa helped offset falling prices for basic telecoms. It also convinced some executives and investors that financial services is the industry’s next growth area.

 

 

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