Vodacom CEO's pay doubled to R22m - TechCentral

Vodacom CEO’s pay doubled to R22m

Vodacom CEO Shameel Joosub

Vodacom CEO Shameel Joosub

On the back of a solid financial performance in the year ended 31 March 2016, Vodacom Group CEO Shameel Joosub took home R21,8m in pay, R14m of which was made up of a short-term incentive bonus.

That’s double the total package of R10,9m he was paid in the 2015 financial year. It excludes long-term incentives and benefits.

Vodacom released the remuneration details of its executive directors and prescribed officers in its 2016 integrated report on Friday (see table below).

Strong demand for data services, underpinned by an aggressive investment in 3G and 4G/LTE network infrastructure, resulted in a strong full-year performance by Vodacom.

Headline earnings per share rose by a fairly muted 2,7% to R8,83, but this number was negatively impacted by re-measurement of foreign currency-denominated inter-group loans and once-off black economic empowerment charges.

Source: Vodacom integrated report 2016

Source: Vodacom integrated report 2016

Other big earners in the 2016 financial year included:

— Vodacom Business chief officer Vuyani Jarana, who took home R9m, R5m of which was in the form of a short-term incentive bonus; and

— Romeo Kumalo, who earned R4,3m, the same as as he took home in the previous financial year, despite resigning only two months into the 2016 financial year. Kumalo was paid a guaranteed package of R608 333, with the bulk of his package made up of R3,7m in resignation benefits.  — (c) 2016 NewsCentral Media

5 Comments

  1. Magomarele Gomi Thobejane on

    The rich continue to swim in wealth whilst the poor working class continue to eat dust. The gap widens each day.

  2. Revolution Number 9 on

    throw away your cell phone comrade in protestation……….. no? I thought not!

  3. William-John Turner on

    Paying an executive R22 million a year inclusive of bonuses, for not only maintaining market share and providing extraordinary returns on their investments for shareholders, should be viewed in comparison to global CEO salaries, and at $1.5 million dollars Shameels annual pay is on the lower end. In light of the R75 billion fine that MTN received in Nigeria, imagine taking responsibility for a multi billion dollar company and being liable for a fine that is 3,500 times your total yearly remuneration. The size of the responsibility and risks to be mitigated needs to be taken into account when judging the size of a CEO’s paycheck. Lastly, when Telkom have retrenched 8000+ people, MTN and Cell C hundreds over the past year, it surely paints a bleak picture of the telecoms sector in South Africa in general. A Chief Executive that not only bucks the trend but goes on to record an astounding financial result for its shareholders, and secures job security for all its staff, should be well rewarded.

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