Vodacom Raises Chief's Pay 25% as 2012 Earnings Increase
Stock Chart for Vodacom Group Ltd (VOD)
Vodacom Group Ltd. (VOD), the biggest provider of mobile-phone services to South Africans, raised Chief Executive Officer Pieter Uys’s pay 25 percent, in line with an increase in fiscal-year earnings.
Salary, benefits and bonuses for Uys totaled 16.5 million rand ($2 million) in the 12 months through March compared with 13.2 million rand a year earlier, Johannesburg-based Vodacom said in its annual report published yesterday.
Vodacom, which is majority-owned by Newbury, England-based mobile-phone company Vodafone Group Plc (VOD), posted a 23 percent increase in full-year net income to 10.1 billion rand as customer numbers in the company’s five national markets jumped 30 percent to 47.8 million.
Uys’s base salary was raised 5.3 percent to 7 million rand, while the short-term bonus was increased 46 percent to 9.4 million rand. South Africa’s annual inflation rate is about 6.1 percent.
The company awarded Uys incentive performance shares to the value of 9.3 million rand, exercisable starting in June 2015, Vodacom said in a separate statement. Designated Chief Financial Officer Ivan Dittrich received 7.3 million rand worth of shares, also exercisable in 2015. Dittrich will join the company in July, Vodacom said on Jan. 18.
Sipho Maseko, the former managing director of Vodacom’s South African unit, received remuneration of 8.6 million rand for the seven months of the fiscal year that he worked for the group. Included in Maseko’s salary was a 2.7 million-rand “sign-on” payment to compensate him for a bonus he would have received at his previous employer, Vodacom said.
Maseko joined Vodacom in September from BP Southern Africa (Pty) Ltd. (BP/), where he was CEO. He resigned on June 14.
To contact the reporter on this story: Sikonathi Mantshantsha in Johannesburg at email@example.com