Telkom has disclosed in its integrated report, published on Monday, that it will pay its outgoing group CEO R20 million to retain his services for the two years between March 2020 and March 2022.
Telkom announced last week that Sipho Maseko plans to step down in the middle of next year after what will have been nine years at the helm.
But it appears Maseko, who is widely regarded for having turned around Telkom’s fortunes after he joined the then-troubled group in April 2013, has had itchy feet for some time; Telkom has had to cough up big money to retain his services.
Telkom disclosed that Maseko was paid a total of R35.4 million, including the R10 million retention bonus, up from R21.8 million
The group agreed to pay him a R10 million retention bonus for the year ended March 2021 and will pay him another R10 million in the current financial year ended in March 2022.
In its 2021 remuneration report, Telkom disclosed that Maseko was paid a total of R35.4 million, including the R10 million retention bonus, up from R21.8 million in the 2020 financial year.
His pay was made up of an R8.8 million guaranteed package (the same as in 2020). He was also awarded R10.2-million in short-term incentives (up from zero in 2020) and vested shares amounted to R6 million, from R10.5 million previously.
More details about remuneration paid to Telkom’s executive directors and its prescribed officers are included in the tables above from the group’s integrated report.
Article written by: Duncan McLeod
Photo credit: Reuters