MTN Group has appointed South Africa’s former deputy finance minister Mcebisi Jonas as chairman-designate in a board shake-up, the telecoms provider said on Friday.

Jonas will assume the position of chairman of MTN Group effective on Dec. 15 once Chairman Phuthuma Nhleko steps down, MTN said in a statement.

In addition to Jonas, MTN has appointed former governor of the Central Bank of Nigeria, Lamido Sanusi and Vincent Rague, a Kenyan national who worked for the International Finance Corporation for 24 years in a number of senior positions.

While Alan Harper, Jeff Van Rooyen and Koosum Kaylan will step down from the board on Dec. 15 and Peter Mageza and Dawn Marole on 30 April 2020.

“In recent years MTN Group has experienced challenging regulatory environments and highly competitive trading conditions,” it said, adding that the board has also managed the transition of senior management during the period.

“The board is of the view that MTN Group has entered a more stable and settled phase, enabling it to now affect an evolution of the board.”

At 0853 GMT, MTN shares were up 2.58 percent at 106.17 rand.