Business

MTN paid CEO R40.5m in 2017

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MTN group CEO Rob Shuter took home R40.5 million last year.
MTN group CEO Rob Shuter took home R40.5 million last year.

MTN group CEO Rob Shuter took home a total of almost R40.5 million last year. This is according to the group's integrated report for the year ended 31 December 2017.

Shuter, who joined the telco giant in March 2017, was paid a salary of R11.5 million and a R17.1 million bonus for his nine-and-a-half months with the company.

He was also paid almost R10.6 million in "other benefits", which included an amount paid in lieu of forfeited benefits from his previous employer, Vodafone, as well as medical aid and unemployment insurance fund payments. Shuter received R1.2 million in post-employment benefits and was also given share incentive grants worth R40.9 million, which mature in March 2020.

MTN's earnings swung back to profit for the year ended 31 December 2017, with the group reporting headline earnings per share of 182c compared to a full-year headline loss per share of 77c at the end of 2016.

CFO Ralph Mupita, who started at MTN in April 2017, took home a total of almost R17.7 million in 2017. This included a R5.9 million salary, R10.7 million in bonuses, R673 000 in post-employment benefits and R384 000 in lieu of what he forfeited when he left Old Mutual Emerging Markets. Mupita was given share incentive grants worth R50.4 million, which mature in October 2019.

Non-executive chairman Phuthuma Nhleko also cashed in, with a total of almost R46.5 million for the year. Nhleko acted as executive chairman until Shuter took over as CEO in March and was paid a salary of R19.95 million for just two-and-a-half months in the role. He also took home R22.5 million in bonuses and R4 million in director's fees.

MTN's 13 non-executive directors, including Nhleko, were paid a combined amount of almost R18.7 million for the year.

MTN SA CEO Godfrey Motsa was paid R18.8 million for the year, including a salary of almost R6.4 million, plus another R6.4 million in bonuses and R722 000 in post-employment benefits. He was also paid around R5.3 million in "other benefits", which included a retention payment for the forfeiture of a performance bonus from previous employer, Vodacom.

Motsa's package was considerably more than that of former MTN SA CEO Mteto Nyati, who took home a total remuneration package of R7.9 million for the year ended 31 December 2016. Nyati's salary in comparison was almost R3.9 million in 2016 and he did not receive a bonus for the year.

MTN Nigeria CEO Ferdi Moolman took home a total package of R17.6 million, including a salary of R9 million, bonuses worth R7.6 million, R448 000 in post-employment benefits and R518 000 in "other benefits".

Moolman's total package increased almost 74% in the past year, from R10.1 million at the end of 2016, largely because he did not receive a bonus in 2016. Just his salary portion, however, grew by 35% from R6.7 million in 2016, to R9 million in 2017.

MTN's 13 prescribed officers, including Motsa and Moolman, were paid a total of R150 million in 2017. Group COO Jens Schulte-Bockum was the highest paid, with a total package of R19.9 million for the year. Schulte-Bockum was also given share incentive grants worth R8.3 million, which mature in January 2020.

Stephen van Coller, VP for digital services, data analytics and business development, took home a total of R19.5 million, while Ismail Jaroudi, VP for the Middle East and North Africa, had a total package of R18.7 million.

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