Vodacom Doubles CEO’s Pay as Bonus Surges for Hitting Targetsby
Former operating chief gets 4.26 million rand after quitting
Vodacom raises performance targets over next three years
Vodacom Group Ltd., the largest provider of mobile-phone services to South Africans, doubled the pay of Chief Executive Officer Shameel Joosub after his bonus surged for hitting performance targets.
Joosub, 45, earned 21.8 million rand ($1.43 million) in the 12 months through March, which included a short-term incentive of 14 million rand and a base salary of 7.83 million rand, according to the Johannesburg-based company’s annual report. His bonus was linked to revenue, cash flows, earnings before interest, tax, depreciation and amortization and measures related to Vodacom’s brand strength and market share. The CEO was paid a bonus of 3.72 million rand in 2015 and a basic salary of 7.2 million rand.
Romeo Kumalo, who quit as chief operating officer for the company’s international operations at the end of May 2015, was paid 4.26 million rand in fiscal 2016, which included 3.65 million rand in termination and other benefits, the company said. Vivek Mathur, who replaced Kumalo in November, earned 16.04 million rupees ($239,000) plus another 1.03 million rand, it said.
Vodacom last month raised its three-year targets for revenue and earnings on expectations that rising investment in its network will deliver growth in South Africa and international markets. Service revenue will probably rise by an average percentage in the low-to-mid single digits over the next three years, while earnings before interest, taxes, depreciation and amortization is seen rising by mid-to-high single digits, the Johannesburg-based unit of Vodafone Group Plc said.