Outgoing MTN CEO Phuthuma Nhleko has sold shares of over R400 million in value.
The mobile operator told the market that Nhleko had sold 3 231 047 shares, at a volume weighted average price of R131.33. He sold shares at the total value of R424 333 402.51.
According to the shareholders' statement issued this morning, a portion of the proceeds will be applied to settle his obligations arising from the early termination of a transaction concluded with a commercial bank.
MTN was not available to clarify what this statement was in relation to at the time of publication.
The operator announced Nhleko's resignation in March, indicating he would move on by March next year, but will be available to the board after leaving.
Nhleko has also agreed to stay on until March, at the latest, to facilitate the handover process, despite his contract expiring in mid-year. The operator is yet to reveal his successor.
It was recently revealed that Nhleko, who was the highest paid in the ICT space last year, is still at the top of the overall telecoms and IT remuneration list.
He received guaranteed pay of R7 964 000, with a bonus of R8 000 000, taking his total salary to R15 694 000.
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