MTN Group CEO Rob Shuter was paid R58.2 million in the 2019 financial year, a 35.7% increase on his total remuneration for 2018, but even these generous rewards were not enough to keep him, he announced on 11 March that he would step down in a year’s time.
Shuter earned a base salary of R17.3 million, according to the group’s 2019 integrated report, which was published on Tuesday. On top of that, he received R1.8 million in post-employment benefits; R1.1 million in “other benefits”; R27.6 million in bonuses; and R10.4 million long-term incentives, which vested in December 2019.
Chief financial officer Ralph Mupita, who is regarded as a strong candidate to take the reins from Shuter when he steps down next year, took home even more: total remuneration of a whopping R66.3 million.
Much of Mupita’s remuneration took the form of “other benefits”, mostly related to a special “cash-settled on-boarding incentive” awarded in lieu of the loss of equity in his previous employer, Old Mutual, where of CEO of the Emerging Markets business.
Mupita’s remuneration was made up of R9.2 million in salary; R1.1 million in post-employment benefits; R42.7 million in “other benefits”; and R13.4 million in bonuses.
Shuter and Mupita are MTN Group’s only two executive directors.
MTN South Africa CEO Godfrey Motsa’s total remuneration in the 2019 financial year came to R15.7 million (including R7.3 million in salary and R6.8 million in bonuses).
Ferdi Moolman, CEO of MTN Nigeria, the group’s biggest and most profitable subsidiary, received R21.1 million in total, R9.6 million of which was for his salary and R8.1 million in the form of bonuses.
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Duncan McLeod is Editor of TechCentral.
This was first published on TechCentral here.