Vodacom CEO scores R38 million payday after challenging year

Vodacom has published its integrated report for its latest financial year, ended March 2019, detailing what its top executives got paid.

For its full year results, the group reported a 5% increase in group service revenue to R74.2 billion, with group revenue increasing 4.3% to R90.1 billion.

Vodacom saw a slight increase in operating profit to R24.5 billion, up 1.1%, with service revenue increasing 2.1% to R55.7 billion, adding 1.5 million new customers to its South African network over the period, to 43.2 million.

Headline earnings per share declined to 868 cents per share, from 923 cents previously. The company delivered a dividend per share of 795 cents, down from 815 cents in the prior year.

Executive pay

Group chief executive officer (CEO) Shameel Joosub saw his total package decrease by 24% in 2019 compared to the prior year, taking home a final pre-tax paycheque of R38.3 million (down from R50.3 million in 2018).

The CEO’s basic salary increased to R11.28 million (from R10.5 million before), but saw a smaller payout from both short-term (STI) and long-term incentives (LTI), with were 21% and 46% lower than the prior year, respectively.

Joosub’s STI totalled R9.79 million, with his LTI coming to R12.2 million. He also received dividend payouts of R5 million. His post-tax pay was R21 million.

Vodacom Group’s chief financial officer (CFO), Till Streichert received pay in two currencies – British pounds and rands – totalling £818,754 and R2.065 million, respectively. At current conversion rates, this equates to a final pre-tax total around R17.4 million for the year.

The group paid a total of R9.76 million in fees to its non-executive directors.

Read: Mobile market share 2019: Vodacom vs MTN vs Cell C vs Telkom

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Vodacom CEO scores R38 million payday after challenging year