Long-serving MultiChoice Group director Imtiaz Patel will relinquish his executive duties in September 2020, the pay-television broadcaster said on Tuesday.
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Shareholders in MultiChoice, which was unbundled from Naspers on 4 March, rejected the group’s executive pay at Thursday’s AGM.
Shareholders in MultiChoice Group sent a strong message at the company’s first annual general meeting as a JSE-listed company, registering their displeasure over its remuneration policy.
MultiChoice Group executive chairman Imtiaz Patel received almost $1.5-million (about R21.4-million at the time of writing) in base salary, bonuses, pension and short-term incentives in the 2019 financial year.
MultiChoice Africa Group, which will list on the JSE next month, expects to pay executive chairman Imtiaz Patel R22.2-million for the year ended 31 March 2019, up from R19.7-million in the 2018 financial year.
Naspers has announced a management shake-up at MultiChoice, with the creation of a new MultiChoice Group business (formerly Naspers Video Entertainment), which will be headed by Calvo Mawela.
Discarded by its globe-trotting parent Naspers after more than three decades, African pay-television heavyweight MultiChoice Group is facing an uncertain future.
MultiChoice South Africa CEO Calvo Mawela is confident the pay-television broadcaster can arrest the decline in the number of lucrative DStv Premium bouquet customers on its books.
Naspers CEO Bob van Dijk, together with Naspers video entertainment CEO Imtiaz Patel and MultiChoice South Africa CEO Calvo Mawela, held a media call on Tuesday morning to discuss the plan to unbundle MultiChoice. Listen to it here.
Last week, deputy chief justice Raymond Zondo said as chairman of the commission of inquiry into allegations of state capture, corruption and fraud that his hope is that once the commission has completed