Cell C execs paid millions while the company burned

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Jamie McKane

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Cell C execs paid millions while the company burned

Cell C’s top three executives, led by former Cell C CEO Jose dos Santos, were paid R219 million in 2017 when the company was experiencing corruption and poor management decisions.

They continued to receive large bonuses in 2018 despite the fact that staff was told they would not receive bonuses because the company did not meet its targets.
 
Jamie McKane said:
Cell C execs paid millions while the company burned

Cell C’s top three executives, led by former Cell C CEO Jose dos Santos, were paid R219 million in 2017 when the company was experiencing corruption and poor management decisions.

They continued to receive large bonuses in 2018 despite the fact that staff was told they would not receive bonuses because the company did not meet its targets.
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Typical of most companies... Execs getting fat bonuses, while those lower down are told no bonuses, because the company not performing
 
How did the major shareholders and Board approve these gigantic pay packages to some execs when the company was in such serious financial distress?
 
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RandomGeek said:
How did the major shareholders and Board approve these gigantic pay packages to some execs when the company was in such serious financial distress?
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Apparently the board didn't approve any bonuses, but approved so-called top management "incentive schemes". They all had their hands in the cookie jar.

The company has paid three executives – led by Cell C CEO Jose Dos Santos – a staggering R219 million.
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In November 2017, the note reveals that a board meeting decisions approve an “lncentive Scheme 1”, which results in R75 million being pooled and paid to the following every 6 months.

Cell C's top 6 executives:
  • Doug Mattheus: Chief Marketing Officer,
  • Hilton Coverly: Executive lnformal Channel,
  • Danial Baker: Unknown,
  • Robert Parsely: Chief Strategy/Finance Office,
  • Graham Mackinnon: Chief Legal Officer, and
  • Jose Dos Santos: CEO.
In August 2017, R81 million is paid to all chiefs and selected executive, while in September R75 million was paid to the top six individuals (listed above).

Furthermore, a windfall of R75 million was paid in January 2018 to the top 6 at Cell C.

Another amount of R7.3 million was shared by the following Chiefs and executives: Marrie Nihma – R1 million, Soondarjee Tyron – R1,2 million, Craigie Stevenson Douglas – R1, 2 million, Muhango Juliet – R 1 million, Visser Schalk – R200,000.00, Vermulen Archie – R600,000.00, Oakes Reece – R120,000.00, Florman Bjorn – R1,2 million and Ramasery Surie – R800,000.00.

The top six also got paid hefty sums of R75 million in July 2018. As much as R52.2 million was paid to the top six and two executives in August 2018.
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Millions of rands being disguised as incentive schemes and not approved by the board are being paid out to the so-called top 6 and selected senior management whilst employee bonus remain unpaid,” concluded the correspondence.
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www.techfinancials.co.za

Cell C Board Didn't Approve Hefty bonuses Paid To Executives | TechFinancials

The Cell C board did not approve hefty bonuses to the company's executives and senior staff, insiders have revealed. Earlier this month, TechFinancials ...
www.techfinancials.co.za www.techfinancials.co.za
 
No you know where SOE types get an example to follow ... , from the private sector in this country, of which Cell-C is a prime example.
 
Icemanbrfc said:
Typical of most companies... Execs getting fat bonuses, while those lower down are told no bonuses, because the company not performing
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Tell me about it!:mad: We did not get any bonuses, we did not get any yearly increase, people are being retrenched, but the executives got combined bonusses of ±R100 million. Their excuse was is that it was part of their remuneration contract.
 
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