Listed electronics and ICT group Altron has published its annual report, revealing how its top executives were remunerated in the past financial year.
The Altron group underwent a major restructuring process in the 2018 financial year, which saw many of the its long-standing leaders step down – including chief executive, Robbie Venter.
In seeking out new talent, the group took the unusual step of sign-on bonus incentives for a number of new executives joining the team.
CEO, Mteto Nyati, who took the position in April 2017, took home a total pay package of R19.7 million, which included a basic guaranteed salary of R4.9 million, as well as a sign-on bonus of R6.5 million.
Two other executives to get sign-on bonuses included group executive of shared services, Collin Govender, and group executive for marketing, PR and communications, Zipporah Muabane, who were paid bonuses of R1 million and R335,000, respectively.
In total, Altron paid its 10 executive directors and prescribed officers (old and new) R61.7 million, averaging R6.2 million per executive.
Former CEO, Robbie Venter drew a total salary of R5.8 million for is last paycheque as executive director, and a further R2.6 million for his new role as a non-executive director – taking his total pay to R8.4 million.
Non-executive director pay totalled R10.9 million, taking the total pay for top management to R72.6 million for the year.
For the full year to February 2018, Altron reported a solid set of results, despite the difficult local economy, a strengthening currency and the one-off costs associated with various restructuring processes.
During the period the group’s financial performance improved significantly on a normalised and constant currency basis. These were the highlights:
- Revenue from continuing operations increased by 14% to R14.7 billion;
- EBITDA from continuing operations increased by 19% to R1.1 billion;
- HEPS from continuing operations increased by 19% to 135 cents.
The group presented its performance to shareholders in terms of continuing operations to give a better overview of the business amid the restructuring and right-sizing processes, while the constant currency basis was used to remove the impact of the strengthening of the rand in respect of its UK operations.