Vodacom CEO scores massive salary for 2017

Vodacom Group has published its annual integrated report, showing exactly how much its top executives earned in the 2017 financial year.

In May, Vodacom reported a 3.9% jump in revenue to R64.73 billion for the year ended March 2017, with  operating profit up 5.3% to R20.238 billion.

South Africa’s largest mobile operator by customers saw a 5.6% jump in service revenue for the year ended March 2017, to R52.1 billion, while customer numbers increased by 8.6% to 37.1 million, with 3.0 million customer net additions, the group said.

Along with the company’s reported growth, CEO, Shameel Joosub, also enjoyed a  salary hike, taking home a basic salary of R9.2 million, with a short-term incentive bonus of R10.8 million.

Joosub also received a payout on his long-term incentive bonus (LTI) of R14.3 million, taking his total remuneration for the year to R35.65 million.

Executive director of regional operations,Vuyani Jarana, was the only other exco member to get a LTI payout of approximately R2.6 million, taking his total pay to R10.7 million for the year.

Vodacom CFO Till Streichert earned his salary in British pounds, raking in GBP600,648 for the year, with an additional R1.611 million paid in other benefits, bringing his total paid to R12.6 million at the time of payment.

Vodacom COO, Vivek Mathur was also paid in two currencies, earning 40.924 million rupees and an additional R1.854 million for benefits, taking his total to R10.14 million for the year.

Chief executive of consumer business, Nyimpini Mabunda earned a total of R5.95 million for the year, but when taking into account R1.4 million listed as “expensed” during the year, his total salary is adjusted to R4.53 million.

A further R8.033 million was paid to non-executive directors, including R2.2 million for Vodacom board chair, Peter Moyo who recently stepped down.

In total, Vodacom spent R81.7 million on executive and director salaries, including benefits, short- and long-term incentives.

The table below breaks down how Vodacom’s top executives were paid, including long-term incentives.

Executive Role Basic Salary Total Remuneration
Shameel Joosub CEO R9 200 500 R35 649 236
Till Steichert CFO R5 506 821 R12 633 106
Vuyani Jarana ED: Regional Operations R4 126 785 R10 714 102
Vivek Mathur COO R4 359 778 R10 144 886
Nyimpini Mabunda CE: Consumer Business R1 998 268 R4 531 210

Vodacom reported having 7,587 full-time employees, to which it paid out R5.428 billion in salaries and benefits. This equates to roughly R715,434 per employee.

Read: Jabu Moleketi named next Vodacom chairman

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Vodacom CEO scores massive salary for 2017