Telkom boss Sipho Maseko was paid R27 million in 2018 financial year versus R25.9 million in 2017 as he focuses on hiring the right talent and articulating the vision for South Africa’s largest fixed-line telephone group.
Maseko was appointed on 1 April 2013.
“My key focus area this year has been on recruiting the right talent to ensure that Telkom remains relevant in the long-term,” Maseko said in the company’s 2018 Integrated Annual Report.
As part of his total remuneration, Maseko’s guaranteed package was R8 million and was also rewarded with R7.6 million in short-term incentives and also gained R11.5 million in long-term incentives or vested shares).
While Deon Fredericks, Telkom’s chief financial officer, remuneration remained constant at R13.5 million which consists of an R5.5 million guaranteed package and R4.1 million in short-term incentives plus R3.8 million in long-term incentives.
Telkom paid R114 million to prescribed officers (excluding executive directors), see below:
Maseko is credited with Fredericks and Telkom’s chairman Jabu Mabuza for turning around the telco from its cash guzzling days into a profitable entity that is reshaping itself to be a digital company.
“This financial year marked the end of my fifth year at the helm of Telkom and the end of the first chapter which focused on the stabilisation of the group and business transformation,” Maseko said.
“Telkom has a new leadership team and is now entering the second chapter; premised
“My key focus areas this year have been on recruiting the right talent to ensure that Telkom remains relevant in the long-term, articulating the Telkom vision, creating and maintaining alignment within the business, BCX business review process and managing the allocation of resources to ensure the preservation of shareholder value.”
During the year, Telkom revenue was flat at R41 billion, supported by a 47.2% increase in mobile service revenue. The growth in the mobile business was underpinned by capital investment, an extension of distribution channels, increased store footprint and innovative data-led products which resonated well with customers.
“Our mobile business is now a key driver of growth in the group, offsetting the decline in BCX and Openserve.”