TechCentralTechCentral
    Facebook Twitter YouTube LinkedIn
    Facebook Twitter LinkedIn YouTube
    TechCentralTechCentral
    NEWSLETTER
    • News

      Rain in embarrassing climbdown over Telkom statement

      16 August 2022

      Coal miner Seriti plans R12-billion Mpumalanga wind farm

      16 August 2022

      Signal warns attackers may have made off with users’ phone numbers

      16 August 2022

      South Africa’s ‘silent revolution’ as those with cash go solar

      15 August 2022

      SA coal giant Seriti Resources in pivot to renewables

      15 August 2022
    • World

      Semiconductor boom turns to bust

      16 August 2022

      Tencent plans to offload R400-billion Meituan stake: sources

      16 August 2022

      Ether leaps higher on verge of Merge

      16 August 2022

      Institutions eye crypto but retail investors remain nervous

      15 August 2022

      Tencent woes mount, even after $560-billion selloff

      12 August 2022
    • In-depth

      African unicorn Flutterwave battles fires on multiple fronts

      11 August 2022

      The length of Earth’s days has been increasing – and no one knows why

      7 August 2022

      As Facebook fades, the Mad Men of advertising stage a comeback

      2 August 2022

      Crypto breaks the rules. That’s the point

      27 July 2022

      E-mail scams are getting chillingly personal

      17 July 2022
    • Podcasts

      Qush on infosec: why prevention is always better than cure

      11 August 2022

      e4’s Adri Führi on encouraging more women into tech careers

      10 August 2022

      How South Africa can woo more women into tech

      4 August 2022

      Book and check-in via WhatsApp? FlySafair is on it

      28 July 2022

      Interview: Why Dell’s next-gen PowerEdge servers change the game

      28 July 2022
    • Opinion

      No reason South Africa should have a shortage of electricity: Ramaphosa

      11 July 2022

      Ntshavheni’s bias against the private sector

      8 July 2022

      South Africa can no longer rely on Eskom alone

      4 July 2022

      Has South Africa’s advertising industry lost its way?

      21 June 2022

      Rob Lith: What Icasa’s spectrum auction means for SA companies

      13 June 2022
    • Company Hubs
      • 1-grid
      • Africa Data Centres
      • Altron Document Solutions
      • Amplitude
      • Atvance Intellect
      • Axiz
      • BOATech
      • CallMiner
      • Digital Generation
      • E4
      • ESET
      • Euphoria Telecom
      • IBM
      • Kyocera Document Solutions
      • Microsoft
      • Nutanix
      • One Trust
      • Pinnacle
      • Skybox Security
      • SkyWire
      • Tarsus on Demand
      • Videri Digital
      • Zendesk
    • Sections
      • Banking
      • Broadcasting and Media
      • Cloud computing
      • Consumer electronics
      • Cryptocurrencies
      • Education and skills
      • Energy
      • Fintech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Motoring and transport
      • Public sector
      • Science
      • Social media
      • Talent and leadership
      • Telecoms
    • Advertise
    TechCentralTechCentral
    Home»News»MTN paid chairman R72m in 2016

    MTN paid chairman R72m in 2016

    News By Loni Prinsloo30 March 2017
    Facebook Twitter LinkedIn WhatsApp Telegram Email
    Phuthuma Nhleko

    MTN Group awarded executive chairman Phuthuma Nhleko R72,2m in pay and bonuses last year after he negotiated a reduced fine with Nigerian regulators and shook up senior management.

    Nhleko, 56, was paid a R30m salary and a R38,2m bonus, Africa’s biggest mobile phone company said in its annual report published on Thursday.

    The balance was a fee for simultaneously holding a role as nonexecutive chairman.

    Nhleko retook the leadership of the Johannesburg-based company on the short-term basis in November 2015 following the resignation of CEO Sifiso Dabengwa.

    “In order to take on this full-time executive role at short notice, Mr Nhleko was required to commit 100% to the MTN task and step away for 16 months from all his considerable other various commercial interests,” the wireless operator said.

    “The board negotiated an appropriate monthly fee and performance-related cash bonus contract with him.”

    The compensation was agreed with the businessman after he was hired to take over from Dabengwa, who took responsibility for the fine in Nigeria, MTN’s biggest market.

    The penalty was levied for missing a government deadline to disconnect subscribers who were found to be unregistered in the country, which is battling an Islamist insurgency.

    The fine was originally set at US$5,2bn, of which MTN eventually paid $1bn. Nhleko also hired new CEO Rob Shuter, who joined from Vodafone Group earlier this month. He’s now back to being nonexecutive chairman and will quit altogether next year.

    Shuter has been handed a four-year contract, according to the annual report, which didn’t specify the CEO’s salary.

    Nhleko’s achievements at MTN also included repatriating funds from Iran, reviewing corporate governance standards and implementing a new programme designed to benefit those discriminated against during apartheid, the company said. The pay deal comes on top of R123m the executive earned by selling shares late last year.

    MTN shares were little changed at the close in Johannesburg at R123,25, valuing the company at R232bn. The stock is 35% below levels before the Nigeria fine was implemented.

    Outside MTN, Nhleko is the co-founder of black empowerment investment company Phembani Group, which i s bidding for coal mines owned by Anglo American.  — (c) 2017 Bloomberg LP

    • See also: MTN bosses raked in millions
    MTN Phuthuma Nhleko Rob Shuter Sifiso Dabengwa
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email
    Previous ArticleMTN bosses rake in millions
    Next Article Zuma’s night of the long knives

    Related Posts

    Rain in embarrassing climbdown over Telkom statement

    16 August 2022

    Coal miner Seriti plans R12-billion Mpumalanga wind farm

    16 August 2022

    Signal warns attackers may have made off with users’ phone numbers

    16 August 2022
    Add A Comment

    Comments are closed.

    Promoted

    HPE SimpliVity: addressing SMBs’ data conundrums

    16 August 2022

    Digital transformation – don’t get caught unprepared

    16 August 2022

    Seven reasons your business needs IP surveillance cameras

    15 August 2022
    Opinion

    No reason South Africa should have a shortage of electricity: Ramaphosa

    11 July 2022

    Ntshavheni’s bias against the private sector

    8 July 2022

    South Africa can no longer rely on Eskom alone

    4 July 2022

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    © 2009 - 2022 NewsCentral Media

    Type above and press Enter to search. Press Esc to cancel.