In 2024, Vodacom CEO Shameel Joosub’s salary skyrocketed to an astonishing R73.5 million, a jaw-dropping increase of R10 million from his previous earnings.
Joosub’s total package included a guaranteed salary of R16 million, R1.2 million in retirement contributions, R20.6 million in short-term incentives, and a remarkable R35 million in long-term incentives, according to the operator’s integrated annual report.
“I am filled with gratitude to have been part of Vodacom’s growth journey over the past 30 years. While I reflect proudly on our milestones, it is our ongoing purpose to connect for a better future and drive inclusion that fuels my passion to lead this company,” said Joosub in the company’s remuneration report.
Joosub’s total salary was just R6.8 million below that of his counterpart at MTN, Ralph Mupita, who earned R80.3 million.
Meanwhile, Raisibe Morathi, Vodacom’s chief financial officer, received a guaranteed salary of R9.3 million, bringing her total remuneration to R34.6 million.
Joosub added that despite a challenging macro backdrop, Vodacom’s revenue exceeded R150 billion.
“We remain Africa’s largest FinTech player, transacting $1.1 billion of transaction value a day across our platforms. We made meaningful contributions to digital and financial inclusion in full year 2024,” he said. “We added over 2,300 4G sites in the year and increased our financial service customers to 78.9 million, including Safaricom.
“We sustained our progress on gender empowerment, with 39.3% representation of women in senior management roles. We partnered with governments and other stakeholders to provide innovative solutions enabled by technology. Our Tech for Good solutions are key enablers of inclusion and address challenges across critical industries, including healthcare, education, and agriculture.”
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