In 2023, the salary of MTN CEO Ralph Mupita experienced a noteworthy surge, reaching a staggering R80.3 million. This increase amounted to an additional R11 million compared to previous earnings, marking a significant development in his compensation package.
Mupita received dual salaries, one in US dollars and the other in rands, as explained by MTN. This arrangement stemmed from his dual contract split between MTN Dubai and MTN Group Management Services South Africa.
The telecommunications group listed on the JSE disclosed in its integrated annual report, released today, that Mupita’s total “earned” remuneration, encompassing salaries, pension, short-term incentives, and vested long-term share awards, amounted to R80.3 million. This figure represented an increase of R11 million from the R69.3 million he received in the previous financial year of 2022.
In terms of Team Performance, Mupita and his team delivered resilient performance in specific areas in a very challenging macro environment, said MTN.
“They achieved solid year-on-year momentum in key operational and financial KPIs, although some were short of the 100% target. These include delivery of subscriber growth (including active data users and fintech subscribers).
“Adjusted HEPS and capital efficiency achieved the kick-in for an STI payout, with the ROIC KPI at 95% of target.
The team made progress on strategic initiatives including work on the structural separation of the fintech business from the GSM, as well as the minority investment into fintech group business.,” said MTN.
“The KPIs that exceeded the internal targets were delivery in the ESG targets, employee engagement and diversity, brand health and the management of the risk and regulatory environment.”
In the 2023 financial year, other high-ranking MTN executives received the following compensation:
Chief Financial Officer Tsholofelo Molefe received a total earned remuneration of R29 million in 2023 versus R19.8 million in 2022.
Chief Operating Officer Jens Schulte-Bockum received a total compensation of R53.3 million, compared to R56.5 million in 2022.
South Africa CEO Charles Molapisi’s total compensation amounted to R26.8 million.
Nigeria CEO Karl Toriola received a total compensation of R40.7 million.
The 2023 Integrated Report tells the overall MTN value-creation story, reflecting integrated thinking at the Group and its 19 operations. It is published alongside essential sustainability and financial reports as well as other important information for our shareholders. It highlights many 2023 milestones, among them:
- Network resilience and availability in South Africa amid continued loadshedding.
- Navigating a challenging macro-backdrop in Nigeria.
- Growth of our fintech ecosystem and a strategic partnership with Mastercard.
- Progress in the simplification of our portfolio with our exit from Afghanistan.
- Progress with our ESG initiatives.
With the acceleration of digital technologies, MTN sees the broad adoption of artificial intelligence (AI) as a material matter. “AI has the potential to drive innovation and efficiency across various sectors, but ethical implications and societal impact need to be carefully managed,” said Mupita, adding: “At MTN, we recognise the need to harness the power of digital technologies responsibly, ensuring our actions contribute positively to economic and social progress.”
