Vodacom CEO takes big pay cut

Vodacom has released its integrated report for the year ended 31 March 2015, which showed a decline in the total pay package of some of the company’s top executives.

Vodacom CEO Shameel Joosub received a total pay package of R10,933,000 last year, down from R12,980,500 the previous year.

Vodacom CFO Ivan Dittrich received an annual package of R6,247,116, which was also down from R7,542,198 a year earlier.

Vodacom’s non-executive chairman Peter Moyo received a healthy R1.9 million for his duty on the board.

The following table provides an overview of the remuneration of Vodacom’s top executives, which includes the settlement of long-term incentives and accruals.

Vodacom Executive Pay
Name Position Guaranteed salary Total annual package Long-term incentives and benefits Full annual remuneration
Shameel Joosub Chief Executive Officer R7,212,500 R10,933,000 R9,857,620 R20,790,620
Ivan Dittrich Chief Financial Officer R4,701,000 R6,247,116 R1,309,899 R7,557,015
Andries Delport Chief Technology Officer R4,041,250 R5,960,419 R1,111,718 R7,072,137
Romeo Kumalo Chief Operating Officer: International R3,600,000 R4,260,420 R1,020,225 R5,280,645
Vuyani Jarana Chief Officer: Enterprise Business Unit R3,587,500 R5,138,112 R1,005,496 R6,143,608
Maya Makanjee Chief Officer: Corporate Affairs R2,763,000 R3,806,428 R564,020 R4,370,448
Nkateko Nyoka Chief Officer: Legal and Regulatory R3,558,533 R5,248,300 R730,353 R5,978,653

In April, MTN Group published its annual report for 2014, revealing how much its top executives got paid in the last financial year.

MTN Group president and CEO Sifiso Dabengwa took home a total sum of R28.1 million in 2014, including a R13.3 million bonus and share gains of R3.5 million.

Wage strikes have plagued the company’s local operations in recent months, with call centre and store workers on strike since May 20 amid calls for a higher annual salary and bonus pay. Up to 2,000 workers are reported to be on strike.

MTN South Africa MD Ahmad Farroukh took home R17.5 million, including a R6.6 million bonus in 2014.

Telkom is expected to publish its annual report soon. Last week, the group reported a 3.1% rise in net revenue for the year ended March 2015, presenting a return to dividend payouts for shareholders for the first time since 2011.

The group has confirmed however, that it will axe up to 7,800 staff ‘creating a far leaner company’.

Telkom CEO, Sipho Maseko took home R11.7 million in compensation last year.

Cell C, the third biggest operator in the country, is not a listed company and is therefore not obliged to publish its financial results or remuneration strategy.

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Vodacom CEO takes big pay cut