More Africa NewsSouth Africa: Telkom CEO takes a R4-million cut in full-year remuneration

July 29, 2019by myles

Telkom CEO Sipho Maseko earned total remuneration of R23.2-million in the 2019 financial year, down from R27.2-million in 2018, mainly as a result of fewer shares that vested to him in the period.

Maseko took home guaranteed pay of R8.3-million, R7-million in short-term incentives and R5.3-million in vested shares (down from 11.6-million previously). He also received R2.6-million in dividends on shares that weren’t vested.

The CEO held 143 561 shares in Telkom at the end of the financial year in March, worth R12.1-million at the time of writing, the group’s 2019 annual report, published on Friday, shows.

Telkom’s second highest-paid executive was former BCX CEO Ian Russell, who stepped down on 31 May 2018. He was paid a total of R11-million, including R3.1-million in severance pay. Russell was followed closely by Alphonzo Samuels, who heads up Telkom’s infrastructure business Openserve, whose total package was R9.7-million (of which R5.2-million was guaranteed pay).

Other big earners included consumer division head Serame Taukobong (total: R8.7-million) and BCX CEO Jonas Bogoshi (R6.8-million).

Former chairman Jabu Mabuza was paid a R1.4-million retainer.

Source: NewsCentral Media

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