MTN CEO earned R22.5m pay

MTN’s group chief executive officer, Sifiso Dabengwa received R22.528 million in compensation this past year.

April 23, 2012
MTN logo

MTN’s group chief executive officer, Sifiso Dabengwa received R22.528 million in compensation – including as bonus payment of R14 million – according the an annual report released by the company on Monday (April 23, 2012).

In March, MTN Group released results for the year-ended 31 December 2011, reporting a 16.2% growth in group subscriber numbers, to 164.5 million, and a 6.3% increase in revenues, to R121.884 billion. The group’s adjusted headline earnings per share increased 43.2%, to R10.70 cents.

The group declared a final dividend of 476 cents.

However, MTN, which operates in 21 countries, currently hangs under a cloud as Turkish mobile operator, Turkcell recently launched a $4.2 billion lawsuit in a US court accusing MTN of bribing its way to an Iranian mobile operating licence, and alleging human rights abuses.

Dabengwa was appointed as CEO in April 2011 following a long stint as chief operating officer. He received a basic salary of R7.133 million, along with post-employment benefits of R903,000, and other benefits of R485 million.

His predecessor, Phuthuma Nhleko, raked in a staggering R48.819 million rand, which included a basic salary of R2.42 million, and a bonus of R10 million. Additional benefits for ex-chief amounted to R35.095 million.

Together with Nazir Patel, CFO of MTN Group – who amassed R17.177 million including a basic salary of R4.7 million, and a bonus of R7.478 million – the top executives total payment reached R88.524 million.

Remuneration for non-executives reached R12.118 million for the year under review.

In the prior year, in 2010, Nhleko raked in R51.8 million including a R20.2 million bonus, while Patel was paid R9.9 million. Dabengwa, in his role as COO received R11.9 million.

Related articles

Top-earning telecom CEOs in SA

Seven top dividend-yielding ICT stocks

MTN, The Fish, and Project Snooker

Tags: Active, MTN, Nazir Patel, Phuthuma Nhleko, Sifiso Dabengwa

Free Email Newsletter:
Subscribe

Shutterstock is the image partner of MyBroadband – technology images can be found here

Join the conversation

Connect with MyBB

twitterfacebookandroidappleblackberrynewsletterfeed

Poll

What is your preferred mobile platform?

View Results

Loading ... Loading ...

More News

FNB mobile operator launch expected soon: sources

FNB SIM

The rumoured mobile virtual network operator from FNB is expected to launch soon

New Vodacom low-cost smartphone

Vodacom smartphone

Vodacom will launch a new low-cost smartphone next week, sporting the latest version of Android

50TB of free ADSL data for each user

Web Africa

Web Africa is giving all their capped ADSL users 50 terabytes of free “Download Plus” ADSL data in August, and the biggest downloader will win a Macbook Air

Your PC can be hacked with a USB mouse

Hacker spyware virus

USB devices such as mice, keyboards, and thumb-drives can be used to hack into personal computers in a potential new class of attacks

Free MyBroadband Newsletter:
Subscribe
X
bool(true)