LEVELS: Zimbabwe’s Ralph Mupita Earns R84.2 Million In 2021 As MTN CEO After “Overachieving”
Group president and chief executive of the MTN Group Ralph Mupita earned a massive R84.2 million in total remuneration for 2021. The Zimbabwean was handsomely rewarded for his work after MTN reported that he had “overachieved,” resulting in “improved performance outcomes”.
Mupita’s R84.2 million total remuneration is a 133% increase from the R36.1 million total remuneration he earned in 2020.
The telecommunications giant revealed this in the group’s integrated annual report, published on Monday.
“The difference of remuneration received in 2021 compared to 2020 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.
According to the telecommunications giant, Mupita “overachieved” on the metrics of asset transformation and equity returns. He also met his targets in many other areas.
The Zimbabwean’s earnings were as follows: R15.4 million in salary, post-employment benefits of R701 000, short-term incentives of R28.9 million, long-term incentives amounting to R37.7 million, and qualifying dividends, among other benefits.
The short-term incentives jumped to R28.9-million from R17.7-million previously. Long-term incentives were R37.7-million, from R5.3-million previously, a jump of 616%.
Explaining the massive increase in the long-term incentives (LTI), MTN said
“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.”
Mupita, who was previously the company’s chief financial officer, took over as CEO in September 2020 following the departure of his predecessor, Rob Shuter.
He has overseen the company’s asset realisation programme, which included the sale of non-strategic interests. The programme, which launched in 2019, has so far delivered over R15 billion of the targeted R25 billion.
Other MTN executives who earned big bucks include chief operating officer Jens Schulte-Bockum who received total remuneration of R67.4-million, chief financial officer Tsholofelo Molefe who received total compensation of R23.9-million, and board chairman Mcebisi Jonas who was paid R5.9-million for his services.
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