Telkom executives’ pay revealed

Embattled telecoms operator, Telkom has revealed that its executive committee received a combined salary of R56.3 million in 2012.

This figure is down from R67.87 million paid to executives in 2011, including R10.22 million paid to former acting CEO, Jeffrey Hedberg, for his brief stint with the company.

Telkom CEO Nombulelo Moholi, and CFO, Jacques Schindehütte took home R12.1 million and R8.38 million respectively, including “short-term incentive” bonuses of R2.25 million, and R876,600.

On Friday (21 September), Telkom advised that its headline earnings per share from continuing operations for the six months ending September 2012 was expected to be at least 65% lower than the prior comparative period.

HEPS from continuing operations for the six months ended September 2011 stood at 191.7 cents, 35.5% lower than in 2010.

Telkom advised shareholders that basic earnings per share from continuing operations for the six months ending 30 September 2012 is expected to be at least 45% lower than in 2011.

A big winner in the remuneration stakes, Telkom’s business managing director, Brian Armstrong received R10.47 million, while Bashier Sallie, Telkom’s MD of wholesale and networks, received R9.82 million.

Manelisa Mavuso, Telkom MD for consumer services and retail pocketed R8.28 million, and deputy CFO Deon Fredericks received R7.88 million.

A total of R8.18 million was dished out to non-executive directors, with outgoing chairman Lazarus Zim earning R1.52 million.

Telkom’s future is currently in the hands of Cabinet after the Department of Communications (DoC) presented three strategic options available for the group last week.

In lunchtime trade on the JSE on Tuesday, shares in Telkom advanced 1.64% to 18.60, having shipped in excess of 10% on Thursday and Friday.

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