Johannesburg - Vodacom Group, the largest provider of mobile-phone services to South Africans, doubled the pay of CEO Shameel Joosub after his bonus surged for hitting performance targets.
Joosub, 45, earned R21.8 million ($1.43 million) in the 12 months through March, which included a short-term incentive of R14 million and a base salary of R7.83 million, according to the Johannesburg-based company’s annual report.
His bonus was linked to revenue, cash flows, earnings before interest, tax, depreciation and amortisation and measures related to Vodacom’s brand strength and market share. The CEO was paid a bonus of R3.72 million in 2015 and a basic salary of R7.2 million .
Romeo Kumalo, who quit as chief operating officer for the company’s international operations at the end of May 2015, was paid R4.26 million in fiscal 2016, which included R3.65 million in termination and other benefits, the company said.
Vivek Mathur, who replaced Kumalo in November, earned 16.04 million rupees ($239 000) plus another R1.03 million, it said.
Vodacom last month raised its three-year targets for revenue and earnings on expectations that rising investment in its network will deliver growth in South Africa and international markets.
Service revenue will probably rise by an average percentage in the low-to-mid single digits over the next three years, while earnings before interest, taxes, depreciation and amortisation is seen rising by mid-to-high single digits, the Johannesburg-based unit of Vodafone Group said.
BLOOMBERG