The newspaper reported that Farroukh announced he was planning to step down at a meeting last month. However, his proposal was not officially accepted.
Strike action against MTN has been ongoing for more than a month after the CWU launched industrial action on 20 May.
Striking MTN workers are asking for higher annual salary increases and bigger bonuses. MTN is promising bonus payments of 4% in November and it is considering 8% salary increases each year for level 1 and 2 staff.
Ahmad Farroukh replaced Zunaid Bulbulia as CEO of MTN South Africa in August 2014.
Before taking the reigns at MTN SA, Farroukh was the CEO of MTN Nigeria, and served in a similar role at MTN Ghana.
Before assuming the role of Group Chief Operating Executive, he was Vice-President of the West and Central Africa region.