Rob Shuter, the former president and CEO of MTN Group, received R68.1-million in remuneration, including R30.1-million in bonuses, in his final eight months at the emerging-markets telecommunications giant.

MTN revealed in its annual results, published on Wednesday, that Shuter took home R18.2-million in basic salary for the eight-month period (up from R17.3-million paid in 2019) along with R30.1-million in bonuses (2019: R27.6-million).

However, the biggest change was in “other benefits” paid to Shuter, which jumped from R1.1-million in 2019 to R17.8-million in 2020. MTN explained that the 2020 figure included “cash-settled share-based incentives”.

With post-employment benefits of R2-million, that took Shuter’s total pay to R68.1-million, from R47.8-million in 2019. He also enjoyed R5.7-million in pre-tax share gains on equity-settled share-based payments.

Former group chief financial officer Ralph Mupita, who succeeded Shuter as CEO on 1 September 2020, earned R12-million in basic salary (2019: R9.2-million). He received bonuses totalling R17.7-million and, with retirement and other benefits, he took home R30.8-million in the 2020 financial year.

MTN Group chairman Mcebisi Jonas was paid R5.1-million for his services.

Prescribed officers

Total remuneration for selected prescribed officers was:

R31.3-million for group chief operating officer Jens Schulte-Bockum;
R25.8-million for West and Central Africa region vice president Ebenezer Asante;
R22.9-million for former Nigeria CEO Ferdi Moolman (now group chief risk officer);
R21.6-million for Middle East and North Africa vice president Ismail Jaroudi;
R21.5-million for newly appointed MTN Nigeria CEO Karl Toriola (he was previously head of West and Central Africa); and
R17.3-million for MTN South Africa CEO Godfrey Motsa. — (c) 2021 NewsCentral Media