MTN's finance director Rob Nisbet to step down

South African telecom major MTN Group said on Monday its finance director Rob Nisbet will be stepping down but will continue to be a part of the transaction team involved in the firm's proposed $23 billion-deal with India's Bharti Airtel.

Nisbet would be succeeded by Nazir Patel effective from October 1.

The South African player in a statement said Nisbet, who is also a Board member, has decided to pursue other business interests outside the Group.

"Rob Nisbet will continue to be part of the transaction team that will progress the envisaged MTN/Bharti transaction team and will remain on the MTN board as an executive director until the end of September 2009," the statement said.

Nisbet has been part of the telecom company for 14 years.

MTN group president and chief executive officer Phuthuma Nhleko said Nisbet has made a significant contribution to the company. "We are all grateful for having had him as part of the team," he added.

MTN is in exclusive discussions with Indian telecom giant Bharti Airtel for a deal valued at $23 billion, which would create a combined entity with revenues of $20 billion and 200 million subscribers globally.

Meanwhile, Patel who would be replacing Nisbet, joined the South African firm in 2005 as a group finance executive.