{"id":254457,"date":"2018-06-27T09:07:27","date_gmt":"2018-06-27T07:07:27","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=254457"},"modified":"2018-06-27T09:08:25","modified_gmt":"2018-06-27T07:08:25","slug":"altrons-ceo-scores-r20-million-payday-including-r6-5-million-for-signing-on","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/telecommunications\/254457\/altrons-ceo-scores-r20-million-payday-including-r6-5-million-for-signing-on\/","title":{"rendered":"Altron CEO scores R20 million payday – including R6.5 million for signing on"},"content":{"rendered":"

Listed electronics and ICT group Altron has published its annual report, revealing how its top executives were remunerated in the past financial year.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

Two other executives to get sign-on bonuses included group executive of shared services, Collin Govender, and\u00a0group executive for marketing, PR and communications, Zipporah Muabane, who were paid bonuses of R1 million and R335,000, respectively.<\/p>\n

In total, Altron paid its 10 executive directors and prescribed officers (old and new) R61.7 million, averaging R6.2 million per executive.<\/p>\n

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.<\/p>\n

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Non-executive director pay totalled R10.9 million, taking the total pay for top management to R72.6 million for the year.<\/p>\n

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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.<\/p>\n

During the period the group\u2019s financial performance improved significantly on a normalised and constant currency basis. These were the highlights:<\/p>\n