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.

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

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