Cellular executives laugh all the way to the bank

Vodacom and MTN continued their strong financial performance over the last year, and executives from these companies benefited from the higher profits.

Vodacom’s annual report for the year ended 31 March 2011 reveals that CEO Pieter Uys received a total remuneration of R13,190,826 – up from R10,700,571 a year ago.

Former Vodacom SA MD Shameel Joosub did not do too badly himself, earning R9,592,885 while at Vodacom, and R3,990,426 as the CEO of Vodafone Spain – a combined total of R13,583,311.

One obviously has to make sure that the bean counters are taken good care of. Vodacom CFO Rob Shuter earned a cool R10,232,146 over the last financial year.

However, the Vodacom executives salaries are unlikely to impress former MTN CEO Phuthuma Nhleko. After resigning as MTN CEO on 30 June 2010, Nhleko agreed to continue in his CEO role until 31 March 2011. He received R33 million on 1 April 2011 in a restraint of trade agreement.

Phuthuma Nhleko
Phuthuma Nhleko

The R33 million restraint of trade payment is in addition to Nhleko’s R30,370,000 salary for 2010, which included a bonus of over R20 million.

MTN Chairman Cyril Ramaphosa also did not do too badly, receiving R2,121,000 as a non-executive director.

Ramaphosa’s counterpart at Vodacom, Peter Moyo, received R1,033,333 for his role as Vodacom Chairman.

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Cellular executives laugh all the way to the bank