Vodacom CEO scores R18 million in shares

Mobile network operator, Vodacom has dished out R18 million worth of shares to its Chief Executive Officer, Shameel Joosub as part of its forfeit-able share plan.

By Cisco Eng. Shingie Lev Muringi 

In a notice to shareholders on Thursday  last, the company announced that it had awarded 108,099 Vodacom shares, at a price each of R166.51, to CEO Shameel Joosub.

The share award scheme is subject to performance conditions while the vesting period is three years from the award date, according to the notice.

Vodacom

The Vodacom Group is one of the world’s most profit making and powerful telecoms entity.

The awarding of these shares to Joosub comes after Vodacom doubled his pay to R22m earlier this year.

The hike in Joosub’s pay came amid a solid financial performance from Vodacom as the company reported that its total revenue across its African and South African operations increased from R74.5bn to R80bn for the financial year.

The group also reported that its headline earnings per share (HEPS) was up 2.7% to 883 cents per share.

Meanwhile, other Vodacom executives have also received shares worth millions of rands from the company.

The notice on Thursday indicated that Vodacom’s chief officer for its enterprise business unit, Vuyani Jarana, received shares valued at R3.7 million.

Vodacom’s chief technology officer Andries Delport received shares valued at R3.6m, chief officer for human resources Matimba Mbungela received R2.3 million and non-executive director Yolanda Cuba received R4.2 million in shares.

Chief Source: My Broadband SA

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