Vodacom CEO Pieter Uys received a 25% pay rise in the past year, while the mobile operator's former MD, Sipho Maseko, received more than R8 million for the nine-odd months he was with the company.
Details of payouts to executives, among others, emerged this week with the release of Vodacom's annual report. Approved by Vodacom's board on 1 June, the company's second integrated report outlines its financial figures to the year ended 31 March.
The CEO's pay rise, says Vodacom, is in line with an increase in the company's full-year earnings. The operator reported a net profit of R10.2 billion for the year, an increase of 23%.
According to the report, Uys's salary, including benefits and bonuses, totalled R16.5 million in the 12 months to March - including a short-term incentive or bonus. His basic salary saw an increase of 5.3%, compared to the previous year, to R7.08 million, while his bonus saw an increase of 46%, to R9.43 million.
According to Vodacom: “[Uys] was awarded incentive performance shares of R9.3 million, but these are performance-related and only excisable in June 2015.”
Maseko's millions
According to the operator, this included a R2.7 million bonus that Maseko would have received had he stayed with his previous employer prior to moving to Vodacom.
Last week, ITWeb reported that Maseko, MD of Vodacom SA and COO of the Vodacom Group, since September last year, suddenly resigned to “pursue other interests”. The company and Maseko, respectively, issued amicable statements about each other - but declined to provide further information. At the time, Vodacom said further details would be furnished “in due course”.
This morning, Vodacom said it was not saying anything further to the statement it released last week.
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