The top executives of MTN Group rakes in huge remunerations in 2021 after “over achieving” their targets for the year, according to the integrated annual report of the Group, published on Monday.
Among top earners are Group President and CEO, Ralph Mupita, Vice President for West and Central Africa (WECA) Region, Ebenezer Twum Asante, Group Chief Operating Officer, Jens Schulte-Bockum and Group Chief Finance Officer, Tsholofelo Molefe among others.
Ralph Mupita earned a whopping US$5.37 million, representing a significant 133% increase over his 2020 remuneration.
The huge difference between his 2021 and 2020 earnings was attributed to “improved performance outcomes between the two years and his promotion to Group President and CEO, effective 1 September 2020,” MTN explained in the report.
It explained further that under Mupita’s leadership, between 2020 and 2021, service revenue improved by 18.3% to US$10.96 billion, while earnings before interest, tax, depreciation and amortisation (EBITDA)– a measure of operating profit – jumped by 23.7% to US$5.2 billion. During the year, Mupita “overachieved” on the metrics of asset transformation and equity returns, MTN said. He also met his targets in many other areas.
Mupita’s basic salary in 2021 was US$988,435, up from US$765,240 in 2020. Short-term incentives amounted to US$1.85 million, from US$1.13 million previously. His long-term incentives went up by a whopping 616% from US$337,981 to US$2.41 million, making it the biggest contributor to the sharp rise in his total remuneration.
“The increase in LTI reflected between 2020 and 2021 financial year is due to the improved performance conditions outcomes and the group share price performance between the two periods as at settlement dates,” the Report said.
Meanwhile, Ghana’s Ebenezer Twum Asante, who is currently the VP for WECA Region, walked away with US$3.38 million as remuneration for the year 2021, making him the third biggest earner in the Group for the year.
His package comprised of US$658,170 annual salary, US$138,189 post-employment benefits, US$603,519 short-term incentives, US$1.74 million long-term incentives and US$239,711 in other benefits.
In the previous year, 2020, Eben Asante earned US$1.95 million. In effect, his 2021 earning represents a 73.3% increase over that of the previous year.
Chief Operating Officer Jens Schulte-Bockum was the second biggest earner with a package of US$4.30 million, the vast bulk of this coming in the form of short and long-term incentives.
Chief Financial Officer Tsholofelo Molefe also received total remuneration of US$1.5 million for the year under review, while the Board Chairman, Mcebisi Jonas was also paid US$376,243 for his services.
Meanwhile, former MTN South Africa CEO Godfrey Motsa, who resigned at the end of the financial year, received total remuneration of US$3.28 million.
More details about the remuneration of prescribed officers at MTN Group is included in the table above.