Rob Shuter, the outgoing CEO of MTN Group, was paid R42 million in special cash-settled onboarding incentive in the 2019 financial year.
Shuter is leaving MTN next year at the end of his contract in March 2021.
He was appointed on 13 March 2017 as a CEO of MTN, Africa and the Middle East biggest mobile phone operator.
MTN revealed in its 2019 integrated annual report that on appointment Shuter was granted a cash-settled share-based payment incentive in lieu of unvested stocks or equity relinquished upon resignation from previous employment.
“The value of the incentive will be determined based on the market value of 327 214 ordinary listed shares in MTN Group Limited,” the company said.
“The incentive will be paid on 12/03/2020”.
Also read: MTN Boss Rob Shuter Paid R58-m in 2019
Shuter was paid R58.2 million in 2019 financial year.
The total package of R58.2 million was made up of a R17.3 million salary and a R27.5 million bonus, plus more than R10 million long term incentive bonus.