The former CEO of Multichoice, and the group’s current executive director Imtiaz Patel, will be taking home over R22 million in the 2019 financial year – with other executives also raking in millions, reports BusinessTech.
The staggering numbers were revealed in the publishing of the group’s pre-listing statement, as the video entertainment company prepares to go public in February 2019.
According to the statement, the group’s 10 directors will get paid out a total of R55.3 million in 2019, up from R44 million in 2018, with the addition of two new names on the list.
Patel will earn R22.15 million in the year ending March 2019, up from R19.7 million the year before. This includes a basic salary of R7.6 million and a bonus of the same amount, on top of R4.5 million in other benefits.
The second-highest paid exec at the group is non-executive director, Elias Masilela, who will take home R8.5 million, down from R9.3 million the year before.
Multichoice’s new CEO, Calvo Mawela, will get a pay cut, taking home R7.7 million under the company’s new public structure. This is just below the group’s CFO, Nolo Letele, who will receive R7.9 million.
Until 9 November 2018, Patel had been serving as CEO of MultiChoice South Africa Holdings, but he stepped down from the role and was replaced by Mawela, who was serving as CEO of Multichoice South Africa.
Prior to the unbundling of the video entertainment business, MultiChoice South Africa Holdings (Pty.) Ltd. (MCSAH) had a separate CEO role from MultiChoice South Africa, which explains the two CEO roles, and the move to a newer structure as a separate business.