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MTN Group CEO, Rob Shuter, Resigns Amid $5.2 Billion Fine

[Image: Rob Shuter, MTN Group CEO]

Rob Shuter, the Chief Executive Officer of MTN Group, has resigned from his position, effective June 30, 2022. Shuter's departure comes amid a tumultuous period for the company, which has been facing a $5.2 billion fine from the Nigerian government.

In a statement, MTN Group announced that Shuter will be succeeded by Charles Molapisi, who is currently the CEO of MTN Nigeria. Molapisi will take over as CEO of MTN Group on July 1, 2022.

Shuter has been at the helm of MTN Group since 2016 and has overseen significant growth and expansion for the company. However, his tenure has also been marked by controversy, including the $5.2 billion fine imposed by the Nigerian government in 2019.

The fine was imposed after MTN failed to disconnect over 5 million unregistered SIM cards in Nigeria, as required by the country's telecommunications regulations. The fine was later reduced to $2.2 billion, but MTN has still been working to resolve the issue.

Shuter's resignation comes as MTN Group is facing increased competition in the African telecommunications market, as well as growing pressure from regulators and governments to improve its operations and comply with local laws and regulations.

[Source: Bloomberg, Reuters, MTN Group]