Executives at MTN Group have received millions of rand in shares as part of the telecommunications firm’s performance share plan.
The shares awarded will vest in three years’ time.
MTN disclosed the share awards on 29 December by way of a JSE stock exchange I news service notification to investors.
It said the Group CEO and President, Ralph Mupita, was awarded 321,077 shares under the scheme at a market value of over $1.97 million based on a share price of $6.15. The shares will vest in December 2026, subject to conditions.
Group Senior Vice President for Markets, Ebenezer Asante got 206,556 shares worth more that $1.27 million. Eben Asante also got an additional allocation of 41,300 shares worth about $289,000, correcting an “omission” in the previous financial year’s allocation.
Other senior figures in MTN included in December’s share awards are:
- Group chief financial officer Tsholofelo Molefe: 171,738 shares worth a little over $1 million.
- Outgoing group chief operating officer Jens Schulte-Bockum: 212,614 shares worth $1.3 million plus.
- Group chief Human Resources officer Paul Norman: 86,431 shares worth almost $530,000.
- MTN Nigeria CEO Karl Toriola: 108,375 shares worth close to $689,000.
- MTN South Africa CEO Charles Molapisi:144,529 shares worth $888,000 plus.
- Group chief risk officer Ferdi Moolman: 98,635 shares worth over $604,000.
- MTN South Africa chief financial officer Dineo Molefe: 51,174 shares worth almost $316,000.
- Group chief technology and information officer Mazen Mroue: 125,249 shares worth a little over $770,000.
- Company secretary Thobeka Sishuba-Bonoyi: 32,412 shares worth almost $200,000.
- MTN South Africa company secretary Mateboho Rantofi: 15,693 shares worth $96,000 plus.
Ghana CEO Missing
Conspicuously missing on the list of beneficiaries is MTN Ghana CEO, Selorm Adadevoh, who has now been promoted to the position of Group Chief Commercial Officer, beginning June this year.
Under Selorm’s leadership MTN Ghana saw skyrocketing profits, to the extent that even the Group President and CEO described Ghana as the “jewel in MTN’s crown”. Indeed, Selorm was recently adjudged the best CEO in the MTN Group.
It is rather ironic that Selorm’s counterparts in Nigeria and South Africa, as well as even some non-CEO’s in South Africa got shares but Selorm did not.
