Cyril Ramaphosa. Source: citypress.co.za
HumanIPO reported in December Ramaphosa was to review his business interests in light of his election as deputy president.
MTN said in a statement: “Shareholders are advised that Mr Cyril Ramaphosa, a non-executive director and chairman of MTN will be retiring at the forthcoming annual general meeting of shareholders on 28 May 2013.
“Mr Ramaphosa has now informed MTN that he wishes to relinquish his position as non-executive director and chairman of MTN and will therefore not avail himself for re-election at the annual general meeting to be held on 28 May 2013.”
Ramaphosa, who was appointed to the MTN Board in October 2001 and has served as chairman since 2002, is also founder of Black Economic Empowerment Group Shanduka.
There have been questions surrounding Ramaphosa because of a recent Shandukaacquisition of a stake in MTN Nigeria, though he has denied any impropriety.
In a December statemet issued through Shanduka, Ramaphosa said: “As a consequence of my election to the position of ANC Deputy President at the ANC’s 53rd National Conference in Mangaung, I have initiated a review of my interests in business.
“This is necessary to address any potential conflicts of interest, and to ensure that I can adequately perform the responsibilities of this position.”
Ramaphosa added he will consult with ANC officials and engage with stakeholders, including a review of “existing positions, responsibilities and obligations”.