On Thursday, 29 August 2013, Telkom published its annual report, revealing the company’s executive remuneration for the year ended 31 march 2013.
Former CEO, Pinky Moholi walked away from the telco with a paycheque of R11.63 million. Her pay comprised a salary of R6.4 million, plus a short-term incentive of R2.6 million and other benefits of R2.5 million.
Surprisingly, Moholi was not the top earner for the financial year.
Controversial former MD of Telkom International, Motlatsi Nzeku was in fact the highest paid at the company, having resigned with an “early retirement” settlement of R13 million on top of his R660,621 salary.
Nzeku was sacked by Telkom and publicly slated for poor performance in 2009, but was successfully reinstated as MD of Telkom Internation after private arbitration. Nzeku “retired” from the company in June 2012.
Telkom chief financial officer, Jacques Schindehutte was paid R8.4 million, including a base salary of R4.9 million, incentives of R2.2 million and benefits of R1.2 million.
In recent months, Telekom’s top management has shown renewed faith in the company through the acquisition of more shares.
In late July, Schindehütte purchased 55,000 shares at a value of R994,340.38, following in the footsteps of current CEO Sipho Maseko, and chairman Jabu Mabuza, who bought 52,520 shares worth R999,980 and 26,000 shares worth R497,581, respectively.
Telkom’s share price has lifted 36.7% or R6.21 since January (Open price: R16.93).
In noon trade on the JSE, Telkom was trading 2.3%, or 52 cents higher to R23.14, well off from its 52-week low of R11.34 in May, giving the group a market cap of R11.78 billion.
This article was first published on BusinessTech.