Home World News Emerging Markets Earnings of MTN Bosses: Mupita US$3.76 million, Asante US$2.92 million

Earnings of MTN Bosses: Mupita US$3.76 million, Asante US$2.92 million

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MTN Group has published its Integrated Annual Report for 2023, which captures the millions of dollars its Group executives and some top country CEOs earned that year. 

Just like last year, the report stated what the CEOs of two of the top three MTN markets, Nigeria and South Africa earned, but Ghana was left out.

Per pages 131 – 136 of the report, the Group CEO, Ralph Tendai Mupita walked away with about R70.66 million (US$3.76 million), while Ghana’s Ebenezer Twum Asante, who is the Senior Vice President; Markets, earned R54.83 million (US$2.92 million).

The Group CEO’s earnings for 2023 indicates a drop from R75.8 million (US$4 million) in 2022 and R84 million (US$4.46 million) in 2021; while Eben Asante’s earnings for 2023 is actually higher than the R42.75 million (US$2.3 million) pay he took in 2022.

As stated above, the report also captured the earnings of the MTN Nigeria CEO, Karl Toriola, which stood at R37.2 million (US$1.98 million), a drop from R38.65 million (US$2 million) the previous year; while that of MTN South Africa’s CEO, Charles Molapisi was R33 million (US$1.76 million), also indicating a drop from R34 million (US$1.8 million) in 2022.

Other big earners were Group Chief Operating Officer, Jens Schulte-Bockum, R50 million (US$2.66 million), which is a little drop from R50.3 million (US$2.67 million) the previous year; while the Group Chief Financial Officer, Tsholofelo Molefe walked away with R38 million (US$2 million), indicating an increase from R36.6 million (US$1.95 million) the previous year.

According to the report, even though Ralph Mupita and his team delivered resilient performance in specific areas in a very challenging macro environment, and achieved solid year on year momentum in key operational and financial KPIs, some of the KPIs were short of the 100% target, hence the drop in his total earnings.

It also indicated that each of the top six top executives whose earnings were reported, fell short on some of the targets set for them in the year under review, and that explains the consistent drop in earnings for each of them, except Eben Asante.

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