Former MTN CEO Rob Shuter received R74m in 8 months
Former group chief financial officer Ralph Mupita, who succeeded Shuter as CEO on 1 September 2020, earned R12min basic salary - 2019: R9.2m, according to a report by TechCentral. He received bonuses totalling R17.7m and, with retirement and other benefits, he took home R30.8m in the 2020 financial year.
MTN Group reported a strong set of operational & financial results for 2020. We also announced our re-positioned strategy – Ambition 2025 – to accelerate growth & unlock the value of its infrastructure assets & platforms. #MTNResults2020
— MTN Group (@MTNGroup) March 10, 2021
Read more below. https://t.co/jFzYZUvtsE
MTN announced in March 2020 that Shuter will step down from his position at the end of his fixed four-year contract in March 2021. He, however, left MTN at the end of August 2020 after Ralph Mupita was appointed as president and CEO.
Other financial results
The company reportedly gained 29 million subscribers in the year, to reach a total of 280 million users across 21 markets. Group service revenue also grew by 11.9% across all markets. South African service revenue growth was more muted, increasing by 1.6% over the period.
MTN reported a 52% increase in adjusted headline earnings per share, a four percentage point increase in return on equity to 17%, and it more than doubled operating cashflow to R28.3bn.
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