MTN Chairman sells $8.8 million of shares before arrival of new CEO

Phuthuma Nhleko, Executive Chairman, MTN Group

MTN Group Ltd. Executive Chairman Phuthuma Nhleko sold shares worth about 123 million rand ($8.8 million) as he prepares to hand over the day-to-day running of Africa’s biggest wireless company to incoming Chief Executive Officer Rob Shuter.

Nhleko will also benefit from the termination of share options valued at 130 million rand, the Johannesburg-based company said in a statement after the market closed on Wednesday. He will return to his previous role as non-executive chairman when Shuter joins from Vodafone Group Plc on March 17.

MTN said in November 2015 Nhleko would retake the helm after CEO Sifiso Dabengwa resigned in the wake of a record $5.2 billion fine in Nigeria.

Read more: MTN Chairman Sells $8.8 Million of Shares Before CEO Arrival