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Telkom execs handsomely rewarded

Staff Writer
By Staff Writer, ITWeb
Johannesburg, 28 Jul 2014
Telkom CEO Sipho Maseko earned around R11.7 million over the last financial year.
Telkom CEO Sipho Maseko earned around R11.7 million over the last financial year.

Telkom's executives have been handsomely rewarded for the financial year ended in March 2014, with the group's annual report outlining combined earnings of around R17 million for its two executive directors.

CEO Sipho Maseko earned R11.7 million - a figure including a guaranteed R6.5 million as well as a short-term incentive of R5.2 million. This is compared to R11.6 million earned in the previous financial year by the former CEO Nombulelo "Pinky" Moholi.

Suspended CFO and executive director Jacques Schindeh"utte earned around R6 million according to the telco's report.

Brian Armstrong is the highest earning member of the group's prescribed officers with a salary of around R7 million. Meanwhile, the figure for acting CFO Deon Fredericks stands at R6.5 million for 2014.

MD of wholesale and networks Bashier Sallie earned R5.5 million, while Chief of corporate and regulatory affairs Ouma Rasethaba was paid R4.3 million.

Cost-cutting

The telco has for the last few weeks made headlines for its plans to restructure the organisation, including possible retrenchments in a bid to cut expenses.

The move has drawn stern opposition from organised labour, with the possibility of race-based layoffs a hotly contested issue.

The unions adamant that using employment equity as a criterion for retrenchments is illegal in terms of the Labour Relations Act, as it cannot be applied to no-fault dismissals, as set out in Section 189 of the Act.

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