Vodacom CE and CFO getting double-digit salary increases

JOHANNESBURG – Vodacom increased the pay packages of its chief executive, Shameel Joosub, and chief financial officer, Till Streichert, by 13.5percent and 11.5percent, respectively, in the year ended March, as the company’s international markets recorded double-digit growth in revenue, offsetting the pressure from South Africa’s sluggish economic growth.

Vodacom said in its 2020 annual report released on Friday that Joosub, 49, had earned R43.4million pre-tax, from R38.2m, in 2020, and R23.8m post-tax compared to R21m a year earlier. Streichert, 46, received a pay packet of £1.23m (R26.22m), up from £1.1m a year earlier, the company said.

Vodacom said Joosub had received guaranteed pay of R12m, including retirement fund contributions, medical aid and a company car, which was 6.5percent higher than the R11.5m in 2019.

Streichert’s guaranteed pay increased by 21.4percent to £452799 from £373033, to ensure that his guaranteed pay was aligned with market benchmarks.

All employees received an average guaranteed pay increase of 5.5percent in South Africa and market-related increases in international operations, said the company.