Sipho Maseko
Sipho Maseko. Image source BCX

South Africa’s Telkom has cut the compensation of CEO Sipho Maseko for the 2019 financial year.

In an integrated annual report, the company said it has paid Maseko a total package of R23 million in 2019 versus R27 million in 2018 financial year.

The total package comprises of R8.2 million basic salary, a short-term incentive bonus of R7 million, a long-term incentive bonus of R5.3 million and R2 million in the dividend paid on unvested shares.

Maseko, who has spearheaded Telkom’s turnaround, was appointed on 1 April 2013.

“I have been fortunate to have a supremely talented, committed and engaged board,” said Maseko. They have been key in the recovery of Telkom over the past few years and the positioning of the group for long-term growth.”

While, Deon Fredericks, the chief financial officer (CFO) who was seconded to national airliner SAA on 30 June 2018, was paid a total package of R4.7 million. Tsholofelo Molefe, the company’s CFO, was paid a total package of R6 million.

Telkom’s chairman Jabu Mabuza – who stepped down on 31 May 2019, was paid R1.3 million.

“I am proud to leave behind a stable organisation with a highly capable leadership team. Thank you to our employees and management, particularly Sipho Maseko, who turned Telkom around and established a strong leadership team to take the group forward,” said Mabuza.

“I believe that Telkom will continue to reinvent in itself and reach new heights.”

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