JOHANNESBURG (Reuters) – South Africa’s MTN has named Old Mutual Emerging Markets chief as a new group chief financial officer (CFO), the company said on Monday.
Ralph Mupita, who will also be group Executive Director, joins the company in the middle of a hunt for new revenue streams that include convincing its more than 200 million users to use their handsets for everything from storing money to paying bills.
Mupita will take up his new role at MTN in April 2017, while acting group CFO Gunter Engling will assume the position of Deputy CFO, the company said in a statement.
Brett Goschen resigned as CFO in July after more than a decade at Africa’s second biggest telecoms operator.
“I am delighted to have someone of Ralph’s calibre join the team. His background in financial services and emerging markets will stand Ralph in good stead in his new role as Group CFO,” said MTN Executive Chairman Phuthuma Nhleko.
MTN has struggled to make money at a faster pace as years of price wars and regulation aimed at bringing tariffs down hit profitability and made it less attractive to spend on new networks.
Mupita will have to use his experience in financial services to shake off MTN’s reputation as a stock with a limited potential for growth.
(Reporting by Nqobile Dludla, editing by Louise Heavens)