A majority of MTN executives have signed a memorandum backing Group CEO Ralph Mupita.
MTN Group, Africa’s biggest wireless service provider by subscribers, said it’s probing issues of alleged favouritism by CEO Ralph Mupita. on 1 September that an unspecified number of executives threatened to quit after complaining about Mupita allegedly giving preferential treatment to a female executive.
“Corporate governance failures are of serious concern” to the Public Investment, Africa’s largest fund manager and MTN’s top shareholder, said in response to Bloomberg questions. “These may adversely affect business operations of investee companies and cause potential value destruction for shareholders.”
Mupita earlier this week sent a letter to staff assuring them that MTN has governance processes in place to address employee matters, including those concerning senior leadership. “The group board is going through the necessary processes to understand the matters and will address them,” according to the letter seen by Bloomberg.
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