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Telkom to pay R20m in retention bonuses to CEO Maseko

Sipho Maseko to step down mid-2022.
Image: Reuters

Telkom has disclosed in its integrated report, published on Monday, that it will pay its outgoing group CEO R20 million to retain his services for the two years between March 2020 and March 2022.

Telkom announced last week that Sipho Maseko plans to step down in the middle of next year after what will have been nine years at the helm.

Read: Sipho Maseko saved Telkom from impending ruin

But it appears Maseko, who is widely regarded for having turned around Telkom’s fortunes after he joined the then-troubled group in April 2013, has had itchy feet for some time; Telkom has had to cough up big money to retain his services.

Telkom disclosed that Maseko was paid a total of R35.4 million, including the R10 million retention bonus, up from R21.8 million
The group agreed to pay him a R10 million retention bonus for the year ended March 2021 and will pay him another R10 million in the current financial year ended in March 2022.

In its 2021 remuneration report, Telkom disclosed that Maseko was paid a total of R35.4 million, including the R10 million retention bonus, up from R21.8 million in the 2020 financial year.

His pay was made up of an R8.8 million guaranteed package (the same as in 2020). He was also awarded R10.2-million in short-term incentives (up from zero in 2020) and vested shares amounted to R6 million, from R10.5 million previously.

 

 

More details about remuneration paid to Telkom’s executive directors and its prescribed officers are included in the tables above from the group’s integrated report.

Duncan McLeod is editor of TechCentral

This article was first published on TechCentral here.

(c) 2021 NewsCentral Media

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unbelievable……while others must resort to looting just to survive?

feel free to hand over your salary.

Wow the RET brigade say only White CEO,s are remunerated like this !!So is this black monopoly Capital ??

feel free to hand over your salary.

If a person wants to leave, let him go. To pay exorbitant bonuses to keep him is totally counterproductive. If a person does not want to be there, no amount of money will convince hom to do his best for your company. He will take the money and stay, but without any motivation. Better to get a new person who is enthusiastic and motivated. Cost you less and save your company from a period of inactivity.

They probably did not have a suitable replacement yet

Ahhh yes… They’ve been so hungry… For tvs…

T&C’s clearly apply to their looting.

Boardroom looting.

Almost as bad as the Oliphant Consortium

This is the way it is. Guy wants out, means he is sick of the job so his heart won’t be in it. Throw money at him and he stays???

Or was this his intention, gun to the head tactic. What has he earned to date, some of these guys earn as an annual salary what my retirement savings are.

I ask again when is Tokyo Sexale going to be looked at, ex of Trillion who fled when the good judge came to investigate?????

I’m all for executives EARNING high pay cheques…
But, these kinds of “retention bonuses” and golden handshakes when useless CEOs leave are just ridiculous.

Earn your keep through long term value creation for your shareholders & employees, then by all means get a high salary and nice bonuses, and maybe shares/options – but why more than that?

End of comments.

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