JSE heavyweight CEO works free for a year

Koos Bekker, the recently retired CEO of listed media and internet giant Naspers, worked for the company for free during his extended contract period, lasting nearly a year.

Bekker’s five-year contract, which started on 1 April 2008, was extended in 2013. He resigned at the end of March 2014, when Bob van Dijk was appointed chief executive of the group.

“No remuneration was paid in respect of the extended contract for the 2013/2014 financial year and no share offers were made. No compensation applied to termination,” Naspers said in its annual report.

By way of a special remuneration scheme at Naspers, Bekker has not received any direct compensation from the company for five years – a deal which started in April 2008.

In lieu of remuneration Bekker was awarded 11.7 million Naspers N shares, which were paid over five years in installments of 3.9 million shares after year two.

In the group’s latest annual report, Bekker’s shareholding in Naspers is at 16.4 million shares.

And, at a spot price of R1,285 on 25 July 2014, this places Bekker’s total shareholder value in Naspers at just over R21 billion.

Forbes puts Bekker as the 1,213th richest person in the world with his wealth pegged at $1.5 billion (R16 billion).

Bekker led the founding team of M-Net/MultiChoice pay-television business in 1985. He headed the MIH group in its international and internet
expansion until 1997 when he became chief executive of Naspers.

Bekker will succeed Ton Vosloo as non-executive chair in April 2015.

Naspers Executive pay

Executive Position Salary
Stephan Pacak (Former) CFO R7.518 million
Ton Vosloo Group Chairman R4.771 million

Share holdings and value

Executive Position Shareholding Value*
Koos Bekker (Former) CEO 16,376,499 R21,052 million
Stephan Pacak (Former) CFO 1,051,058 R13,513 million
Cobus Stofberg Senior Executive 451,719 R580 million
Johannes Van Zyl Non Executive Director 201,157 R258 million
Ton Vosloo Group Chairman 160,000 R205 million

* Naspers share price at R1285.50 (25 July 2014)

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JSE heavyweight CEO works free for a year