Former Naspers CEO and current chairman Koos Bekker has reportedly sold 70% of his shares in the company, raking in billions of rands.
According to a report by Moneyweb, Bekker, who never earned a salary during his tenure at the South African media giant, sold 11.7 million of his 16.4 million shares.
He sold his stake during April 2014 and March 2015, when the Naspers share price climbed as high as R1,870 a share – meaning his payout could be as high as R21.8 billion.
The lower end of the range is R11.5 billion, Moneyweb reported. Naspers could not confirm the official amount.
Forbes ranks Bekker as South Africa’s fourth-richest man, with a net worth of $2.3 billion (R30.4 billion). He is listed as the 810th richest man in the world.
Speaking to News24 in March, Bekker said that not working for a salary is a big risk, but can yield big rewards.
The executive served as CEO of the group for 17 years, and made a controversial move when it came to compensation.
He agreed to a deal in terms of which he received no salary, bonuses, or pension, and could be fired at 24 hours notice with no compensation. In return, he got generous options at the market price of Naspers shares.
After a few shaky years, when the dotcom bubble burst, Naspers eventually recovered – with some smart investments leading to it becoming one of the most successful South African companies on the JSE.
Bekker stepped down as CEO in March 2014, and continues to serve as chairman of the group.