Mobile network Vodacom has dished out R18 million worth of shares to its chief executive officer as part of its forfeitable share plan.<\/p>\n
In a notice to shareholders on Thursday, the company announced that it had awarded 108,099 Vodacom shares, at a price each of R166.51, to CEO Shameel Joosub.<\/p>\n
The share award scheme is subject to performance conditions while the vesting period is three years from the award date, according to the notice.<\/p>\n
The awarding of these shares to Joosub comes after Vodacom doubled his pay to R22m earlier this year.<\/p>\n
The hike in Joosub\u2019s pay came amid a solid financial performance from Vodacom as the company reported that its total revenue across its African and South African operations increased from R74.5bn to R80bn for the financial year.<\/p>\n
The group also reported that its headline earnings per share (HEPS) was up 2.7% to 883 cents per share.<\/p>\n
Meanwhile, other Vodacom executives have also received shares worth millions of rands from the company.<\/p>\n
The notice on Thursday indicated that Vodacom\u2019s chief officer for its enterprise business unit, Vuyani Jarana, received shares valued at R3.7 million.<\/p>\n
Vodacom\u2019s chief technology officer Andries Delport received shares valued at R3.6m, chief officer for human resources Matimba Mbungela received R2.3 million and non-executive director Yolanda Cuba received R4.2 million in shares.<\/p>\n
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