Executives at MTN Group have received millions of rand in shares as part of the firm’s performance share plan.
Browsing: Ferdi Moolman
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 is in a race against time to get about half its subscribers to comply with the Nigerian government’s stipulation that their Sims be connected to their ID numbers by the end of the year.
MTN Nigeria on Wednesday reported a sharp rise in subscriber numbers in the third quarter – up 3.9 million from the second quarter to reach 75 million – while active data subscribers climbed by 1.7 million.
Ferdi Moolman, the longstanding CEO of MTN Nigeria, MTN Group’s largest operating subsidiary, will step down from the role at the end of February 2021.
MTN Nigeria’s profit margin, measured using Ebitda, fell by two percentage points to 51.3% in the six months to June 2020, partly due to accounting changes and Covid-19.
MTN Group shares rose more than 4% in Johannesburg on Wednesday after its biggest unit, MTN Nigeria Communications, posted a solid financial report for the first quarter of the year.
MTN Group CEO Rob Shuter was paid R58.2-million in the 2019 financial year, a 35.7% increase on his total remuneration for 2018, but even these generous rewards were not enough to keep him.
Leading MTN Group has come at an “enormous sacrifice”, outgoing CEO Rob Shuter said on Wednesday at a media conference following the presentation of the telecommunications operator’s 2019 financial results.
MTN Nigeria, MTN Group’s largest operating subsidiary, turned in a robust performance in the 2019 financial year, with mobile subscribers rising by 6.1 million to 64.3 million and profit before tax up by 31.1%.