MTN Names Vodafone Europe Head as New CEO

South African mobile phone operator MTN Group named the head of Vodafone Europe as its new CEO on Monday, bringing in an outsider with a risk management background less than two weeks after it agreed to a $1.7 billion fine to settle a dispute in Nigeria, Reuters reports.

Rob Shuter, a South African national with a background in accounting, replaces Sifiso Dabengwa, who resigned last November after Nigeria imposed the fine, the latest in a series of disputes exposing governance issues at Africa's biggest mobile phone operator.

The telecommunications firm is trying to overhaul its corporate governance standards while looking for new revenue streams as competition hits profit margins in its key markets.

The Nigerian fine, originally set at $5.2 billion, was imposed after MTN missed a deadline to cut off users with unregistered SIM cards.