Telkom management team takes home R123 million Telkom’s executive management team took home R123.6 million for the financial year ended March 2014 Staff Writer July 28, 2014 Telkom’s executives and prescribed officers took home a combined salary of nearly R60 million for the financial year ended March 2014, despite ongoing mass retrenchments within the group. Telkom’s total executive management team of 37 took home R123.6 million. Telkom is currently embroiled in a dispute with a host of unions as it aims to reduce its management pool which will affect up to 2,650 managerial staff. The company is looking to reduce the number of management layers and achieve an employee cost-to-revenue ratio of 25% over the next 5 years, from 30% currently. Telkom management salaries In an integrated annual report for 2014, Telkom noted that 11 of the groups top people took home R59.66 million, with CEO Sipho Maseko receiving a total package of R11.7 million, while chief financial officer, Jacques Schindehütte, who was suspended in October 2013, received R6 million. The total in 2014 was well below the R69 million paid to the group’s leaders in 2013. Enzo Scarcella, who was appointed in February as the new chief marketing officer, received a R3 million sign-on bonus, while Alphonzo Samuels, appointed as chief technology officer, had total pay which reflected one and a half months in the position. Deon Fredericks took home R6.6 million, which included an allowance from October 2013 to March 2014 in his capacity as acting chief financial officer. Telkom Exco 2014 Share allocations Executive Role Share allocation Value Sipho Maseko CEO 218,488 R5,200,015 Deon Fredericks CFO 102,134 R2,430,789 Len de Villiers CIO 96,277 R2,291,392 Enzo Scarcella CMO 27,179 R824,883 Brian Armstrong COO 24,958 R594,001 Telkom Exco 2014 salaries Executive Role Salary (2014) Sipho Maseko CEO R11,711,972 Brian Armstrong COO R7,010,974 Deon Fredericks CFO R6,581,072 Enzo Scarcella CMO R4,000,000 Len de Villiers CIO R1,852,196 Alphonzo Samuels CTO R802,660 In June, Telkom reported an operating profit of R4.6-billion for the year ended March 2014, from a prior loss of R11.15-billion in 2013. Headline earnings per share, excluding the once off items, increased 35.1% to 388 cents, Telkom said. The group’s share price has also advanced on the JSE as much as 180% over the past year, with a market cap approaching R25 billion, from a lowly R8 billion last year. Telkom also said it reduced its employee count by 9.5% during the financial period ended March 2013, to 19,197, from 21,209 before. Maseko said that on a scale of one to 10, his assessment of what the group has achieved is 8.5.
Posted on: Wed, 26 Nov 2014 06:35:02 +0000
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