Vodacom CEO Shameel Joosub takes a big pay cut - TechCentral

Vodacom CEO Shameel Joosub takes a big pay cut

Vodacom Group CEO Shameel Joosub

Vodacom Group CEO Shameel Joosub took home 23.9% less in the 2019 financial year after he earned significantly less from short- and long-term incentives.

Joosub earned a total of R38.3-million in 2019 (R21-million after tax), compared to R50.3-million (R27.7-million after tax) in the 2018 financial year, Vodacom’s annual report, published on Friday on its website, shows.

His guaranteed pay rose by 7.9% to R11.3-million, though his short-term bonus was cut by 21% to R9.8-million from R12.4-million previously. Long-term incentive bonuses paid fell by 46.1% to R12.2-million, from R22.7-million in 2018.

Joosub received dividends of R5-million, up 4.6% from R4.8-million previously, the annual report shows (see table below).

Meanwhile, chief financial officer Till Streichert received total remuneration before tax of £819 000 (about R15.5-million at the time of writing) plus an additional R2.1-million. His guaranteed package was £373 000, up from £353 000 before.

Payments to nonexecutive directors amounted to a total of R9.8-million, up from R8.6-million in 2018. Chairman Jabu Moleketi was paid R2.7-million for his services.  — (c) 2019 NewsCentral Media

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