Vodacom awards CEO R18m in shares - TechCentral

Vodacom awards CEO R18m in shares

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Shameel Joosub

Vodacom has dished out R18m worth of shares to its CEO as part of its forfeitable share plan.

In a notice to shareholders on Thursday, the company announced that it had awarded 108 099 Vodacom shares, at a price each of R166,51, to CEO Shameel Joosub.

The share award scheme is subject to performance conditions while the vesting period is three years from the award date, according to the notice.

The awarding of these shares to Joosub comes after Vodacom doubled his pay to R22m earlier this year.

The hike in Joosub’s pay came amid a solid financial performance from Vodacom as the company reported that its total revenue across its African and South African operations increased from R74,5bn to R80bn for the financial year.

The group also reported that its headline earnings per share were up by 2,7% to R8,83/share.

Meanwhile, other Vodacom executives have also received shares worth millions of rand’s worth of shares from the company.

The notice on Thursday indicated that Vodacom’s chief officer for its enterprise business unit, Vuyani Jarana, received shares valued at R3,7m.

Vodacom’s chief technology officer Andries Delport received shares valued at R3,6m, chief officer for human resources Matimba Mbungela received R2,3m and nonexecutive director Yolanda Cuba received R4,2m in shares.

Fin24

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