Big reward for fine fighter Nhleko

MTN Group awarded executive chairman Phuthuma Nhleko R72.2-million in pay and bonuses last year after he negotiated a reduced fine with Nigerian regulators and shook up senior management.

Nhleko, 56, was paid a R30 million salary and a R38.2-million bonus, Africa’s biggest mobile phone group said in its annual report published on Thursday. The balance was a fee for simultaneously holding the role of nonexecutive chairman.

Nhleko retook the leadership of the Johannesburg-based company on a short-term basis in November 2015 after the resignation of CEO Sifiso Dabengwa.

“In order to take on this fulltime executive role at short notice, Mr Nhleko was required to commit 100% to the MTN task and step away for 16 months from all his considerable other various commercial interests,” the wireless operator said.

“The board negotiated an appropriate monthly fee and performance-related cash bonus contract with him.”

Nhleko also hired Rob Shuter as new CEO earlier this month. Shuter has been handed a fouryear contract, according to the annual report, which did not specify the CEO’s salary.

Nhleko is now back as nonexecutive chairman and will quit altogether next year.

His pay comes on top of R123 million earned from shares sold last year. — Bloomberg