Chief executive of South Africa's MTN to step down in March next year

Commercial buildings and office property stand on the city skyline as night falls, as seen from the 50th floor of the Carlton Centre, in Johannesburg, South Africa, on Tuesday, July 17, 2018.
Waldo Swiegers | Bloomberg via Getty Images

Africa's largest mobile network by subscribers, MTN Group Ltd, said on Wednesday its group chief executive, Rob Shuter, would step down from his role in March 2021, at the end of a fixed four-year contract.

"The board, led by the chairman, will manage the succession process and expects to conclude this during the year, thus enabling a seamless handover," the firm said in the statement of its full-year results.