[dropcap]T[/dropcap]elkom CEO Sipho Maseko took home total pay in the 2017 financial year of R25.9m, up 78% from R14.5m a year earlier, the company’s annual report, published on Tuesday, shows.
Maseko, who took the reins at Telkom in April 2013, and who has led a major turnaround at the company over the past four years, received R7.4m in the form of a guaranteed package.
He was also awarded R8.8m in short-term incentives and netted R9.6m in long-term incentives (in the form of vested shares).
The annual report, published ahead of Telkom’s annual general meeting of shareholders scheduled for 24 August, revealed that its executive management team took home total pay, including short- and long-term incentives, of R200.8m in the year ended 31 March 2017. This was up 19.9% from R167.6m in the 2016 financial year.
Chief financial officer Deon Fredericks took home a total of R13.5m (guaranteed package: R5.3m), up from R9.5m a year ago.
Other well-rewarded Telkom executives included Attila Vitai, who heads the consumer business, and Isaac Mophatlane, the former CEO of BCX (formerly Business Connexion), the IT services company acquired by Telkom in a R2.7bn deal in 2015. The two executives received total pay of R11.6m and R11.7m respectively.
The full remuneration details for executive directors and prescribed officers are provided in the tables below from the Telkom annual report:
Telkom chairman Jabu Mabuza took home R1.3m for his services, the same as he did in 2016.
In the 2017 financial year, Telkom reported a profit of R3.9bn, up from R2.3bn a year earlier. Operating revenue was R41bn, up from R37.3bn. It paid a dividend to shareholders of R2.2bn, up from R1.4bn previously. — (c) 2017 NewsCentral Media