TechUncategorized

Zimbabwean Mtn CEO Mupita Earns Over US8 Million After Overachieving

0
Change this Subheading

Image Box Title

Change this description

Zimbabwe’s Ralph Mupita Earned R84.2 Million In 2021 As MTN CEO After “Overachieving”

Critics have bemoaned how their own Zimbabwean Executive made it.Mupita Earned this homenois figure that R84.2 Million In 2021 after achieving beyond expectations on his contract.

Group president and chief executive officer of the MTN Group Ralph Mupita earned a massive R84.2 million in total remuneration for 2021. The Zimbabwean was handsomely rewarded for his work after MTN reported that he had “overachieved,” resulting in “improved performance outcomes”.

Mupita’s R84.2 million total remuneration is a 133% increase from the R36.1 million total remuneration he earned in 2020.

Change this Subheading

Image Box Title

Change this description

The telecommunications giant revealed this in the group’s integrated annual report, published on Monday.

“The difference of remuneration received in 2021 compared to 2020 was attributed to improved performance outcomes between the two years and his promotion to group president and CEO, effective 1 September 2020,” MTN explained in the report.

According to the telecommunications giant, Mupita “overachieved” on the metrics of asset transformation and equity returns. He also met his targets in many other areas.

The Zimbabwean’s earnings were as follows: R15.4 million in salary, post-employment benefits of R701 000, short-term incentives of R28.9 million, long-term incentives amounting to R37.7 million, and qualifying dividends, among other benefits.

The short-term incentives jumped to R28.9-million from R17.7-million previously. Long-term incentives were R37.7-million, from R5.3-million previously, a jump of 616%.

Explaining the massive increase in the long-term incentives (LTI), MTN said

“The increase in LTI reflected between 2020 and 2021 financial year is due to the improved performance conditions outcomes and the group share price performance between the two periods as at settlement dates.”

Mupita, who was previously the company’s chief financial officer, took over as CEO in September 2020 following the departure of his predecessor, Rob Shuter.

Change this Subheading

Image Box Title

Change this description

He has overseen the company’s asset realisation programme, which included the sale of non-strategic interests. The programme, which launched in 2019, has so far delivered over R15 billion of the targeted R25 billion.

Other MTN executives who earned big bucks include chief operating officer Jens Schulte-Bockum who received total remuneration of R67.4-million, chief financial officer Tsholofelo Molefe who received total compensation of R23.9-million, and board chairman Mcebisi Jonas who was paid R5.9-million for his services.

Ross Moyo

Warning: Trying to access array offset on value of type bool in /home/technomag.co.zw/public_html/wp-content/themes/the-next-mag/inc/libs/tnm_core.php on line 748

Zimbabwean Tycoon Masiyiwa Surpasses Patrice Motsepe As Richest Black Man In Southern Africa

Previous article

Econet Launches 5G in Bulawayo

Next article

You may also like

Comments

Leave a reply

Your email address will not be published.

More in Tech