R73000 a day
One wonders why anyone would even begin to try to justify, or make excuses for, a R19-million pay package, in this case given to Reuben September, the CEO of that haven of mediocrity, Telkom.
To get some perspective on his package, and the outrageousness thereof, in the past financial year September pocketed no less than R9134 an hour, R73000 a day or a massive R365384 a week, assuming an eight-hour work day.
Don’t even bother to compare him to the average worker. His weekly salary is more than most highly skilled workers and professionals earn in a year.
In the three weeks that he is on leave, he earned more than R1-million.
If I were on the Telkom board, I would demand my pound of flesh (1.3-million pounds, actually, if one converts September’s pay at the current exchange rate) — not that, in Grapevine’s opinion, anyone can be so good and indispensable that they are worth so much money.
And if I were one of those people still waiting for Telkom to replace my stolen cables, I would be livid.
Close call for Mvela
Interesting that Mvelaphanda and Och-Ziff Capital Management have pulled out of their proposed acquisition of the very same Telkom.
The reason given was market conditions and pricing considerations, but there were big question marks about why Mvela was interested in the first place.
Without Vodacom, Telkom has a long way to go before it can make investors believe it has a compelling future strategy. And, as we all know, it even finds managing its core business a bit of a challenge.
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