MTN CEO scores massive R40 million payday

MTN Group CEO Rob Shuter walked away with a cool R40 million salary in 2017 – while his predecessor, Phuthuma Nhleko scored R42 million as part of his farewell package at the company.

The salaries were published as part of MTN’s integrated annual report for the 2017 financial year, which ended December 2017.

MTN paid a total of R269.34 million to it executive and non-executive directors and prescribed officers during the year, with executive salaries, including Shuter, Nhleko and CFO Ralph Mupita taking home 37% of that (just over R100 million).

Shuter’s salary was made up of a basic pay of R11.5 million, a bonus of R17.1 million, and other benefits amounting to 10.6 million.

Earlier in March, MTN’s results showed a decline in group revenue to R132.8 billion, from R147.9 billion before; however, operating profit climbed to R20.6 billion, from R14.2 billion in 2016.

The board declared a final dividend of 450 cents per share. This, it said, is in line with the 2017 guidance of a total dividend of 700 cents per share communicated in March 2017.

Nhleko, who stepped down as CEO in March 2017, received a basic salary of R20 million, with bonuses amounting to R22.5 million as part of his pay off. As with previous years, Nhleko’s salary was paid to Captrust Investments.

Captrust Investments is the service provider MTN had entered into an agreement with to enlist the services of Nhleko in an executive role, when he took the reins during the company’s crisis in Nigeria.

Nkhleko also received an additional R4 million for his role as a non-executive director.

MTN’s prescribed officers took home a collective R150 million, with VP of business development, Stephen van Coller pocketing R19.5 million.

Here’s how MTN’s executives were remunerated in 2017:

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MTN CEO scores massive R40 million payday