Former stock exchange boss Newton-King joins MTN board
Former JSE boss Nicky NewtonKing has been appointed as an independent nonexecutive director at MTN with effect from January 1, 2023, the group said on Thursday.
Newton-King is best known for her role as CEO of the country’s largest stock exchange from January 2012 to September 2019. She was with the JSE for 23 years.
“Nicky has strong abilities to manage the nexus of business, politics and the regulatory environment and is a highly respected leader with an immaculate reputation both in South Africa and internationally,” MTN said.
The group, which has about 18 operations across Africa and the Middle East, will likely want to make use of Newton-King’s regulatory experience in its operating countries.
“Nicky has significant exposure to many of MTN’s core markets in Africa and her unique regulatory experience will bring particular insight and value to MTN,” the company said.
MTN has infamously had run-ins with regulators in operations, particularly in Nigeria, where it battled a $5bn fine over SIM registrations in 2015.
The group is facing increased regulation that has come with the growth of mobile money products in many African countries. At the same time, national registration rules have had an effect on its subscriber numbers in Nigeria and now Ghana.
The group has been beefing up its regulatory capabilities and has even put in place an all advisory board that includes a number of former presidents like Thabo Mbeki.
Newton-King serves on the boards of Investec plc and Investec Limited and is the deputy chair of the council of Stellenbosch University.