MTN, the country’s second-biggest mobile phone operator, has granted R7.9 million worth of shares to the new CEO of its local unit, Godfrey Motsa.
The award of the shares was disclosed on Friday in a report to investors published on the JSE.
The company said the award of the shares is part of its performance share plan vesting on 28 June 2019.
The Fairlands-based company said it awarded on Thursday to Motse about 66 500 shares at a market price of R120.22/share. The total value of the shares is about R7.9 million.
The awarding of the shares is subject to performance conditions.
This follows Motse being appointed as a new CEO of MTN South Africa after the departure of Mteto Nyati, who is joining JSE-listed tech firm as CEO.
For more read: MTN SA CEO Mteto Quits, Posing Challenge for Turnaround
MTN also announced that its incoming CEO Rob Shutter has been appointed as an executive director with effect from 13 March 2017.