MTN appoints new finance director, head of S Africa

Africa's biggest mobile operator MTN Group Ltd has appointed Nazir Patel as finance director to succeed Rob Nisbet, who is leaving the company, MTN said on Monday.

MTN said Nisbet, who joined the company in 1995 and is widely respected by investors, will remain part of the team working on a proposed $23 billion cash and share swap deal with India's Bharti Airtel and will remain on the MTN board as an executive director until the end of September 2009.

Patel joined MTN in 2005 as group executive finance, has been responsible for group financial management and accounting, and has participated in several of MTN's acquisitions.

Shares in the company pared earlier gains, trading 0.67 percent higher at 120.70 rand by 0743 GMT, slightly lagging the JSE Top-4o index of blue-chip stocks.

The appointment is effective Oct. 1. Nisbet, who helped build MTN into the continent's biggest operator and steered it through several major acquisitions, is leaving to pursue other business interests outside MTN.

MTN also said Karel Pienaar, chief technical and information officer, had been appointed managing director for MTN South Africa, replacing Tim Lowry, who will remain head of the South East Africa region. The appointment is effective Aug. 1.