MTN Group Reduces CEO Nhleko's Bonus 38% Because of Slower Profit Increase
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Nhleko, 52, was paid a base salary of 6.7 million rand ($890,000) and a bonus of 8 million rand for the fiscal year through June, according to Johannesburg-based MTN’s annual report, posted on its website today. In 2008, Nhleko earned a salary of 6.5 million rand and bonus of 13 million rand.
Growth in earnings before interest, tax, depreciation and amortization rose 6.7 percent to 46.1 billion rand last year, according to the report; the previous year it climbed 36 percent. The company said the strength of the South African rand in 2009 hurt profit as about 70 percent of earnings are generated outside its home country of South Africa.
Nhleko’s “other benefits,” which are not defined in the annual report, rose to 218,000 rand from 75,000 rand a year earlier. Retirement benefits for the year rose to 749,000 rand from 385,000 rand.
Nhleko will leave the company in March next year after choosing not to renew his contract in June.
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