{"id":770035,"date":"2024-04-30T10:22:34","date_gmt":"2024-04-30T08:22:34","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=770035"},"modified":"2024-04-30T10:22:39","modified_gmt":"2024-04-30T08:22:39","slug":"mtn-ceo-scores-massive-r70-million-payday-despite-profit-blow","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/telecommunications\/770035\/mtn-ceo-scores-massive-r70-million-payday-despite-profit-blow\/","title":{"rendered":"MTN CEO scores massive R70 million payday &#8211; despite profit blow"},"content":{"rendered":"\n<p>MTN Group paid its chief executive officer, Ralph Mupita, R70.64 million in the 2023 financial year\u2014R5.1 million less than the R75.8 million he was awarded the previous year.<\/p>\n\n\n\n<p>In its <a href=\"https:\/\/businesstech.co.za\/news\/telecommunications\/762859\/mtn-takes-a-massive-hit-2\/\" target=\"_blank\" rel=\"noreferrer noopener\">financial results<\/a> ending 31 December 2023, the Group noted that, despite MTN\u2019s increasing revenue and customer base, its earnings and profits dropped significantly due to the massive devaluation of the Nigerian currency.<\/p>\n\n\n\n<p>\u201cThe<strong>&nbsp;<\/strong>sharp devaluation of the Naira during the period impacted our reported results for MTN Nigeria and MTN Group,\u201d said Mupita. <\/p>\n\n\n\n<p>\u201cHowever, the MTN group sustained a resilient performance in 2023, with solid underlying operating momentum and pleasing progress in our key strategic initiatives during a period characterised by geopolitical and macroeconomic headwinds,\u201d said group CEO Ralph Mupita.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-businesstech wp-block-embed-businesstech\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"NH2f65agcv\"><a href=\"https:\/\/businesstech.co.za\/news\/telecommunications\/762859\/mtn-takes-a-massive-hit-2\/\">MTN takes a massive hit<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;MTN takes a massive hit&#8221; &#8212; BusinessTech\" src=\"https:\/\/businesstech.co.za\/news\/telecommunications\/762859\/mtn-takes-a-massive-hit-2\/embed\/#?secret=vefC8L8k58#?secret=NH2f65agcv\" data-secret=\"NH2f65agcv\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>This progress in key strategic initiatives was highlighted in the year&#8217;s Company (CP) and team performance (TP) outcomes. <\/p>\n\n\n\n<p>&#8220;The overall average achievement of company performance against the target was 94%. Based on the independent assessment of overall company performance against targets by EY, the Board declared a short-term incentive payment is in accordance with the approved rules,&#8221; it said. <\/p>\n\n\n\n<p>The Group added executive director and prescribed officer performance, measured against a mix of KPIs.<\/p>\n\n\n\n<p>&#8220;Performance against these was reviewed and validated by the Group CEO and externally audited by EY in accordance with the agreed-upon audit procedures,&#8221; it said. <\/p>\n\n\n\n<p>These varying performances are highlighted in the infographic below.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a  data-lightbox=\"post-image\" href=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/04\/Screenshot-2024-04-30-093232.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"262\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/04\/Screenshot-2024-04-30-093232-1024x262.png\" alt=\"\" class=\"wp-image-770045\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/04\/Screenshot-2024-04-30-093232-1024x262.png 1024w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/04\/Screenshot-2024-04-30-093232-300x77.png 300w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/04\/Screenshot-2024-04-30-093232-768x196.png 768w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/04\/Screenshot-2024-04-30-093232-1536x393.png 1536w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/04\/Screenshot-2024-04-30-093232.png 1620w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p class=\"has-medium-font-size\"><strong>CEO pay <\/strong><\/p>\n\n\n\n<p>Considering the performance indicators, <strong>Mupita received R70.64 million in remuneration in 2023<\/strong>, which is noticeably less than in 2022 and 2021.<\/p>\n\n\n\n<p>The MTN Group president and <strong>CEO\u2019s pay package mainly comprised a basic salary of R17.63 million, short-term incentives (R13.97 million), and awarded long-term incentives (R36.92 million), among other things. <\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a  data-lightbox=\"post-image\" href=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/03\/Ralph-Mupita.png\"><img decoding=\"async\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2023\/03\/Ralph-Mupita-1024x683.png\" alt=\"\" class=\"wp-image-672175\"\/><\/a><figcaption class=\"wp-element-caption\"><em>Ralph Mupita, MTN Group CEO<\/em><\/figcaption><\/figure>\n\n\n\n<p>It is worth noting that Mupita&#8217;s contract is split between MTN Dubai Limited and MTN Group Management Services South Africa, and he receives remuneration in US dollars and South African rands. <\/p>\n\n\n\n<p>According to MTN&#8217;s integrated report, the fixed remuneration was converted from dollars to rands at R17.66 to the dollar, while bonuses were converted at R19.01 to the dollar. <\/p>\n\n\n\n<p>Compared to the previous financial years, Mupita&#8217;s remuneration in 2023 was significantly less than the R75.8 million he received in 2022 and the R84 million he received in 2021.<\/p>\n\n\n\n<p>&#8220;Ralph and his team delivered resilient performance in specific areas in a very challenging macro environment. <\/p>\n\n\n\n<p>They achieved solid YoY momentum in key operational and financial KPIs, although some were short of the 100% target,&#8221; the Group said. <\/p>\n\n\n\n<p>&#8220;The KPIs that exceeded the internal targets were delivery in the ESG targets, employee engagement and diversity, brand health and the management of the risk and regulatory environment,&#8221; it added. <\/p>\n\n\n\n<p>The tables below provide a more detailed breakdown of the CEO\u2019s remuneration in 2023 and 2022.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/04\/Ralph-Mupita-Remuneration.webp\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"286\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/04\/Ralph-Mupita-Remuneration-1024x286.webp\" alt=\"\" class=\"wp-image-770048\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/04\/Ralph-Mupita-Remuneration-1024x286.webp 1024w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/04\/Ralph-Mupita-Remuneration-300x84.webp 300w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/04\/Ralph-Mupita-Remuneration-768x214.webp 768w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/04\/Ralph-Mupita-Remuneration.webp 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p class=\"has-medium-font-size\"><strong>CEO South Africa pay<\/strong><\/p>\n\n\n\n<p>MTN&#8217;s annual integrated report includes a breakdown of the remuneration received by Charles Molapisi, CEO of MTN South Africa, which also took a hit. <\/p>\n\n\n\n<figure class=\"wp-block-image\" id=\"attachment_497839\"><img decoding=\"async\" src=\"https:\/\/mybroadband.co.za\/news\/wp-content\/uploads\/2023\/06\/Charles-Molapisi.jpg\" alt=\"\" class=\"wp-image-497839\"\/><figcaption class=\"wp-element-caption\"><em>Charles Molapisi, MTN South Africa CEO<\/em><\/figcaption><\/figure>\n\n\n\n<p><strong>Molapisi&#8217;s total remuneration amounted to R33 million<\/strong>, which was R1 million less than what he earned in 2022. <\/p>\n\n\n\n<p>Although MTN acknowledges Molapisi&#8217;s overall good performance throughout the year, he failed to meet his fintech subscriber targets.<\/p>\n\n\n\n<p><strong>Molapisi\u2019s remuneration in 2023 included a basic salary of R8.19 million, short-term incentives (R6.47 million), and awarded long-term incentives (R16.45 million), among other things. <\/strong><\/p>\n\n\n\n<p>\u201cCharles achieved the 100% targets for total, active data and Ayoba subscribers, although fell short for fintech subscribers,\u201d it said.<\/p>\n\n\n\n<p>\u201cThe team also fell short of the 100% target for MTN SA\u2019s adjusted HEPS and ROIC, although they scored strongly on expense efficiencies and cash upstreaming from the operation.\u201d<\/p>\n\n\n\n<p>The Group added that Molapisi and his team also achieved above-target outcomes for overall network performance, connected homes and reduced carbon emissions. <\/p>\n\n\n\n<p>However, they achieved below-target outcomes for employee engagement but achieved 100% of the target for brand health.<\/p>\n\n\n\n<p>The tables below provide a more detailed breakdown of the CEO\u2019s remuneration in 2023 and 2022.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/04\/Charles-Molapisi-remuneration.webp\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"319\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/04\/Charles-Molapisi-remuneration-1024x319.webp\" alt=\"\" class=\"wp-image-770047\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/04\/Charles-Molapisi-remuneration-1024x319.webp 1024w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/04\/Charles-Molapisi-remuneration-300x94.webp 300w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/04\/Charles-Molapisi-remuneration-768x239.webp 768w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/04\/Charles-Molapisi-remuneration.webp 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>Read: <a href=\"https:\/\/businesstech.co.za\/news\/telecommunications\/756497\/mtn-suffers-major-blow-due-to-nigeria-woes\/\">MTN suffers major blow due to Nigeria woes<\/a><\/strong><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>MTN Group CEO Ralph Mupita bagged over R70 million in 2023 \u2013 despite taking a hit due to missed targets.<\/p>\n","protected":false},"author":10,"featured_media":770060,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[28,853],"class_list":["post-770035","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-telecommunications","tag-mtn","tag-south-africa"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/770035","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=770035"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/770035\/revisions"}],"predecessor-version":[{"id":770062,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/770035\/revisions\/770062"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/770060"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=770035"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=770035"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=770035"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}