{"id":474598,"date":"2021-03-10T08:59:06","date_gmt":"2021-03-10T06:59:06","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=474598"},"modified":"2021-03-10T08:59:06","modified_gmt":"2021-03-10T06:59:06","slug":"former-mtn-boss-rob-shuter-scores-r74-million-payday","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/474598\/former-mtn-boss-rob-shuter-scores-r74-million-payday\/","title":{"rendered":"Former MTN boss Rob Shuter scores R74 million payday"},"content":{"rendered":"

Mobile group MTN has published its financial results for the year ended December 2020, revealing how much its top executives were paid.<\/p>\n

Former MTN chief executive officer Rob Shuter, who resigned from the position in August 2020, was paid R73.8 million for the year, including a base salary of R18.15 million, and a bonus of R30.1 million.<\/p>\n

His salary also included a R17.8 million payment under ‘other benefits’.<\/p>\n

This category usually includes medical aid, expense allowances and contributions to the unemployment insurance fund, but for Shuter this also included a payment of cash-settled share-based incentives.<\/p>\n

When Shuter was appointed in 2017, he was granted a cash-settled share-based payment incentive in lieu of unvested stocks or equity relinquished upon resignation from previous employment, MTN said.<\/p>\n

The value of the incentive was determined based on the market value of 327,214 ordinary listed shares in MTN Group Limited.<\/p>\n

Shuter was succeeded by his chief financial officer, Ralph Mupita, who took up the position of CEO on 1 September 2020. Mupita also scored a sizeable paycheque of R30.8 million for the year, including a base salary of R12 million, and a bonus of R17.7 million.<\/p>\n

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Financial performance<\/strong><\/p>\n

MTN on Wednesday (10 March) reported strong service revenue growth up 19.9% for the year ended December 2020, while subscribers increased by 28.8 million across all operations to 279.6 million.<\/p>\n

The mobile operator reported growth of 14.6% in MTN Nigeria, but only 1.6% in MTN SA, while MTN Ghana soared 16.6%.<\/p>\n

Reported headline earnings per share increased by 60% to 749 cents, while the group suspended the final dividend for 2020.<\/p>\n

In the near-term, MTN said it is focused on de-leveraging the holding company and it reduced net debt by R12 billion, to R43 billion.<\/p>\n