Tullow Oil names former MTN boss Phuthuma Nhleko as chairman-designate

PUBLISHED: Mon, 25 Oct 2021 14:01:35 GMT
Yadarisa Shabong
GERMANY – DECEMBER 11: Phuthuma Nhleko, chief executive officer of MTN Group Ltd., speaks at the Africa Investment Day conference in Frankfurt, Germany, on Tuesday, Dec. 11, 2007. African business leaders are meeting with German government officials at the conference. (Photo by Hannelore Foerster/Bloomberg via Getty Images)

Oct 25 (Reuters) – Africa-focused Tullow Oil Plc on Monday named Phuthuma Nhleko, former boss of South African telecoms company MTN Group, as chairman-designate.

Nhleko, a South African national, will replace Dorothy Thompson who is retiring by the end of 2021.

Tullow earlier this year completed a financial overhaul, with a $1.8 billion bond and a new business plan under boss Rahul Dhir.

“Phuthuma will play an important part in supporting Tullow’s ambitions to be a partner of choice for governments and our industry peers, as the African oil and gas sector evolves over the coming decade,” said Thompson.

Read more: South Africa’s MTN wants court to scrap or fix 5G spectrum sale process

Nhleko is also due to become chairman of the Johannesburg Stock Exchange Ltd after the company’s annual general meeting in June.

He is also chairman of Phembani Group, an investment firm that he founded in 1994, and is a non-executive director at South African downstream energy company Engen Petroleum and IHS Towers.

“I am very pleased to have been appointed as chairman-designate of Tullow,” Nhleko said in a statement.

“I believe Tullow is uniquely placed to develop the oil and gas resources of its host countries efficiently and safely while minimising its environmental impact.”

Tullow’s shares were up 1.7% by 0839 GMT, with the broader market also up on Monday.

(Reporting by Yadarisa Shabong in Bengaluru; Editing by Anil D’Silva, Rashmi Aich and Jane Merriman)

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