Executive packages cost Telkom R200m
CEO Sipho Maseko receives R25.9m, up from R14.5m in 2016, as the company enjoys stellar growth
Telkom’s executive management team remuneration came to R200m in the year to March, according to the company’s latest annual report. The company has 47 employees in executive management positions. In 2016, 41 executive managers shared about R167.6m in salaries and other benefits. The total package of CEO Sipho Maseko increased to R25.9m from R14.5m in 2016. His remuneration includes a R7.4m guaranteed package and R9.6m in vested shares. Telkom chief financial officer Deon Fredericks got R13.9m, an increase from R9.4m in 2016. He has vested shares of R3.8m while his package is worth R5.2m. Telkom has recorded operational improvements since Maseko took over about four years ago. The group reduced its high costs through, among other things, outsourcing some units, retrenching staff and selling off noncore assets. It also resumed dividend payouts in 2016. Mergence Investment Managers portfolio manager Peter Takaendesa said the Telkom executive team had delivered outstanding results for ...