South Africa CEOs heed president’s call to take pay cuts

JOHANNESBURG – South Africa Inc. is shutting up and putting up.
Business leaders across industries are following President Cyril Ramaphosa and his cabinet in taking about a third of their pay for the next three months and donating the money to a government fund to fight the coronavirus.
For Rob Shuter, the chief executive officer of Africa’s largest mobile-phone company MTN Group Ltd., that will mean a donation of about 1.43 million rand ($77,000), based on his basic annual pay last year of 17.3 million rand. Alan Pullinger, the CEO of the continent’s most valuable bank, FirstRand Ltd., will be giving away more than 730,000 rand.

Source: iol.co.za