Multichoice’s top execs will earn a massive R55 million in salaries this year

 ·22 Jan 2019

Former Multichoice CEO, and the group’s current executive director Imtiaz Patel will be taking home over R22 million in the 2019 financial year – with other executives also raking in millions.

This was revealed in the publishing of the group’s pre-listing statement, as the video entertainment company prepares to go public in February 2019.

According to the statement, the group’s 10 directors will get paid out a total of R55.3 million in 2019, up from R44 million in 2018, with the addition of two new names on the list.

Patel will earn R22.15 million in the year ending March 2019, up from R19.7 million the year before. This includes a basic salary of R7.6 million and a bonus of the same amount, on top of R4.5 million in other benefits.

The second-highest paid exec at the group is non-executive director, Elias Masilela, who will take home R8.5 million, down from R9.3 million the year before.

Multichoice’s new CEO, Calvo Mawela, will get a pay cut, taking home R7.7 million under the company’s new public structure. This is just below the group’s CFO, Nolo Letele, who will receive R7.9 million.

Until 9 November 2018, Patel had been serving as CEO of MultiChoice South Africa Holdings, but he stepped down from the role and was replaced by Mawela, who was serving as CEO of Multichoice South Africa.

Prior to the unbundling of the video entertainment business, MultiChoice South Africa Holdings (Pty.) Ltd. (MCSAH) had a separate CEO role from MultiChoice South Africa, which explains the two CEO roles, and the move to a newer structure as a separate business.

The table below breaks down what the top executives will earn, and what role they will play in the group upon listing on 27 February 2019.

Executive Role FY2018 Salary FY 2019 Salary
Imtiaz Patel Chair and executive director R19 724 687 R22 151 470
Francis “Nolo” Letele Non-executive director R9 282 943 R8 488 294
Timothy Jacobs CFO R7 917 709
Calvo Mawela CEO R9 795 537 R7 741 250
John Volkwyn Non-executive director R1 691 575 R3 059 127
Donald Eriksson Independent non-executive director R1 354 039 R1 786 742
Kgomotso Moroka Independent non-executive director R833 850 R1 401 053
Joseph Pacak Lead independent non-executive director R671 016 R1 242 975
Elias Masilela Non-executive director R795 000 R770 800
Louisa Stephens Independent non-executive director R733 750
Total R44 148 647 R55 293 170

Read: Multichoice sets aside R2.5 billion for dividends from 2020

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