Mix Telematics bosses’ pay falls in 2015

Mix Telematics president and CEO Stefan Joselowitz’ total compensation was R8.1 million in 2013, dropping by R2.4 million from the previous year, according to the vehicle tracking company’s integrated annual report.

The total remuneration consist of a R5.5 million salary and allowances, plus R2.6 million

performance bonus.

Megan Pydigadu, who is the chief financial officer and a member of the board of directors since 2010, also saw her total remuneration drop to R3.4 million in 2015 from R5.5 million in 2014.

Charles Tasker, the chief operating officer, saw his total remuneration being cut by R1.79 million to R4.9 million from R6.7 million.

Other executives included in the 2015 remuneration report were Riëtte Botha, executive vice president: special projects, with total remuneration of R3.1 million versus R3.7 million in 2014; Howard Scott, executive vice president: strategy and acquisitions paid R4.2 million; Brendan Horan, executive vice president/managing director Mix Africa received R3.5 million; Gert Pretorius, executive vice president: business systems paid R3.6 million; and Catherine Lewis, executive vice president: technology/managing director CSO was paid R3.1 million.

Thousands of South African customers rely on Mix Telematics’ stolen-vehicle recovery service, Matrix Vehicle Tracking.

The remuneration committee reviews bonuses at the half-year and at year-end, and determines the level of bonus based on performance criteria set at the start of the performance period. The criteria include targets relating to subscriber growth, subscription revenue growth, adjusted EBITDA targets and divisional operating profit growth and certain discretionary elements.

Mix Telematics grew its subscription revenue 17% to R998m in the year 2015, with the number of vehicles covered up 14% to 512 000. The company also ended the fiscal year with a bigger cash pile of R945m up fromR876m in the previous year. It also posted a 20% adjusted EBITDA margin and generated free cash flow of nearly R90 million in 2015 financial year.

Mix Telematics develops its fleet management solutions using a SaaS model in South Africa, where it takes advantage of savings on costs of hiring software engineers. In Europe and the US these professionals cost more.

Mix Telematics is currently trading under cautionary stating that the company’s board is investigating strategic alternatives for the global firm.

The company, which has a market value of R3 billion, has seen its shares climbed 35.7% in the past 90 days.

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