{"id":213919,"date":"2017-11-30T11:14:49","date_gmt":"2017-11-30T09:14:49","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=213919"},"modified":"2017-11-30T11:14:49","modified_gmt":"2017-11-30T09:14:49","slug":"r32-million-payday-for-blue-label-ceos","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/213919\/r32-million-payday-for-blue-label-ceos\/","title":{"rendered":"R32 million payday for Blue Label CEOs"},"content":{"rendered":"

Telco group Blue Label Telecoms has published its integrated report for 2017, revealing how much its co-CEOs got paid for the year.<\/p>\n

Blue Label reported strong organic growth for the company in 2017, with a 7% increase in ebitda to R1.3 billion, and an 18% rise in headline earnings per share to 117.98 cents.<\/p>\n

Operating profit increased to R1.2 billion, from R1.14 billion in 2016, while the group increase its dividend per share by 11% to 40 cents.<\/p>\n

The group managed to reduce losses in its Mexico operations,\u00a0but the continuous shift in consumer buying patterns from traditional purchasing of airtime to that of \u201cPIN-less top-ups\u201d, resulted in limited growth in group revenue, to R26.3 billion back home.<\/p>\n

In August 2017 Blue Label implemented its acquisition of Cell C through a R5.5 billion recapitalisation deal.<\/p>\n

Blue Label will have an effective 45% stake in Cell C with Net1 holding 15%, and other special purpose vehicles owning minority stakes.<\/p>\n

The recapitalisation of Cell C would increase the ownership of the company by South African shareholders from 25% to over 86%.<\/p>\n

It was announced on Wednesday that the recapitalisation process was given the all-clear from Icasa, while Cell C’s BEE partner CellSAf \u00a0continues its attempts to scupper the deal through the courts and via the Competition Commission.<\/p>\n

Salaries<\/strong><\/p>\n

For the 2017 financial year, Blue Label co-CEOs Brett and Mark Levy took home a combined R31.88 million in salaries, excluding the fair value of forfeitable shares at R21.4 million.<\/p>\n

The Levy brothers earned a basic salary of R8 million each, with a performance bonus of R7.8 million each, taking total pay for each executive to R15.94 million. The fair value of each co-CEO’s forfeitable shares was R10.73 million.<\/p>\n

The CEOs’ salaries were down from what was paid in 2016, where each exec took home R16.8 million.<\/p>\n

According to the remuneration committee, while the Levy brothers and financial director qualified for bonuses at 120% and 70% of the annual salaries, respectively, the\u00a0committee, at their
\nmandated discretion, determined that the bonuses should be limited to 96% and 56% of the respective annual salaries.<\/p>\n

Total salaries for executive directors (including the co-CEOs and financial director Dean Suntup) came to R38.6 million for the year, with non-executive director pay totalling R5.04 million.<\/p>\n

The total paid to directors was R43.645 million, down from R48.2 million in 2016.<\/p>\n

\"\"<\/a><\/p>\n

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Read:\u00a0Blue Label growth curbed by shift in consumer buying patterns<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Telco group Blue Label Telecoms has published its integrated report for 2017, revealing how much its co-CEOs got paid for the year.<\/p>\n","protected":false},"author":10,"featured_media":125815,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[],"class_list":["post-213919","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/213919","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=213919"}],"version-history":[{"count":1,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/213919\/revisions"}],"predecessor-version":[{"id":213943,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/213919\/revisions\/213943"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/125815"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=213919"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=213919"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=213919"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}